Section 7 AAC 100.144 - Determining the value of available nonexempt resources(a) The department will determine the value of an available nonexempt resource by determining the applicant's or recipient's equity in that resource. Equity value is equal to the dollar amount that results from subtracting all legitimate debt secured by legal encumbrance on the title to the property from the fair market value of the property.(b) To determine the fair market value of a stock or bond that fluctuates in market value, the department will use the lowest market quotation for that stock or bond over the 30-day period immediately preceding the date the department makes its determination. For the purposes of this section, a fee charged to sell a stock, bond, or security is a legal encumbrance.(c) If an applicant or recipient of Family Medicaid is living with a recipient of SSI or APA, a jointly held resource will be prorated. If an applicant or recipient of Family Medicaid is not living with an SSI or APA recipient, the department will determine the value of a jointly held resource as follows: (1) if the joint owners of a resource are legally married and living together, the department will consider the resource to belong equally to each;(2) the department will consider an applicant or recipient to have no equity in property owned jointly by the applicant or recipient and an absent spouse who cannot be located or refuses to sell or to assign the property;(3) except as provided in 7 AAC 100.138(q), the department will consider an applicant's or recipient's equity in a jointly owned bank account to be the entire amount in the account if the applicant or recipient can withdraw money from the account without the consent or approval of the other person and can use the money for any purpose without incurring liability to the other person.(d) In this section, "legal encumbrance" means a security interest or lien that is enforceable by a legal action.Eff. 7/20/2007, Register 183Authority:AS 47.05.010
AS 47.07.020
AS 47.07.040