Asset Limits 510-05-70-15

(Revised 1/1/13 ML #3358)

View Archives

 

 

(N.D.A.C. Section 75-02-02.1-26)

 

1. In all instances, including determinations of equity, property must be realistically evaluated in accord with current fair market value. The combined equity value of all property of whatever nature, not otherwise excluded, is limited to:

1. Three thousand dollars for a one-person unit;
2. Six thousand dollars for a two-person unit; and
3. An additional amount of twenty-five dollars for each member of the unit in excess of two.

Eligibility may exist in a month when countable assets are within the asset limits for at least one day of the month.

 

2. There is no provision for the Asset Limit to be exceeded. It will be imperative that each county agency establish an effective monitoring system to assure that the accumulation of personal needs funds, accrued interest, property equity or funds reserved out of the monthly income levels does not create ineligibility by exceeding the asset limit.

When the Medicaid unit is within $100 of the appropriate asset limit, verification of assets should be done each month to determine continued eligibility; if the assets are within $100 to $300 below the asset limit, verification of assets should be done every three months to determine continued eligibility; and if the assets are within $300 to $500 below the assets limit, verification of assets should be done every six months to determine continued eligibility.

When the Medicaid unit is near the asset limit, the county agency should inform the unit to also monitor their assets and take appropriate action to prevent the asset limit from being exceeded if continued eligibility is desired.

 

3. Assets can be replenished up to the allowable limit at any time and may be accumulated out of exempted income during periods of eligibility.