This article is a section taken from MA for People Who Are Age 65 or Older or People Who Are Blind or Have a Disability (MA-ABD), a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual.
Table of Contents
Liquid assets include cash or any other types of assets that can be converted to cash within 20 workdays. Workdays are any days other than Saturdays, Sundays, and federal holidays. This section discusses the types of liquid assets and clarifies whether they count towards the person’s asset limit.
Evaluation of Liquid Assets
The total cash value of a liquid asset is counted towards the person’s asset total unless the proof provided indicates that the asset is any of the following:
- An Excluded Asset
- An Unavailable Asset
- A Jointly Owned Asset
Assumption of Liquidity
Absent evidence to the contrary, assume the following types of resources are liquid:
- Certificates of Deposit (CDs)
- Checking accounts
- Guardianship accounts
- The total value of the guardianship account the person owns or the person or someone acting on behalf of the person has a legal right to use for the person’s support and maintenance is counted.
- Money market account
- Mortgages (Applicant or enrollee is the lender)
- Mutual fund shares
- Promissory notes (Applicant or enrollee is the lender)
- Savings accounts
- Time deposits
- Treasury Bills
- United States Savings Bonds
Assumption of Non-Liquidity
Absent evidence to the contrary, the following types of assets are assumed not to be liquid:
- Automobiles, trucks, tractors and other vehicles
- Buildings, land, and other real property rights
- Household goods and personal effects
- Machinery and livestock
- Non-cash business property
Minnesota Statutes, section 256B.056, subdivision 1a
CREDIT: The content of this post has been copied or adopted from the Minnesota Healthcare Programs Eligibility Policy Manual, originally published by the Minnesota Department of Human Services.
This is also part of a series of posts on Minnesota Healthcare Eligibility Policies.