Primary Adult Care Program
Countable Household Assets:

Countable Household Assets Regulations:

All of the following will be considered in determining your financial eligibility:

• All assets that are available as of the date of application, and
• which are convertible to cash.

This includes all of the unit's accumulated wealth, including cash savings, bank accounts, stocks, bonds, cash value of life insurance, mortgages, real property, the unit's pro rata share of assets held in joint ownership, and personal property.

When there is property, the applicant's share of the fair market value of the property is considered an available asset. This includes, including property which is leased by the applicant either singularly or jointly. COMAR 10.09.60.14

The following assets are excluded in determining the value of assets to be measured

(1) The applicant's home.

(2) The market value of real property if the property is income-producing. To be considered income-producing, the property shall produce a net profit to the applicant of not less than 6 percent annually of the applicant's share of the fair market value. Income from the property is earned income.

(3) The following personal items:

(a) Those needed to maintain the home or necessary for employment, including clothing and personal effects;

(b) Household furnishings and appliances necessary to maintain a home;

(c) An automobile necessary for transportation to a job, to obtain medical care, and to purchase essential household supplies; one additional automobile may be excluded when more than one member of the unit is employed, and two automobiles are essential for the continued employment of all employed members of the unit;

(d) Tools or equipment necessary for earnings;

(e) Family heirlooms.

(4) The cash value of life insurance, up to $1,500.

(5) Lump sum benefits, except lump sum benefits covered in § C, below, when declared by the applicant as income.

(6) Cash in hand equal to 1 month's gross income for all members of the PAC unit.

(7) Unobligated funds in a checking or comparable account equal to 1 month's gross income for all members of the PAC unit.

C. Lump sum benefits, including insurance benefits, received by a recipient as a result of an illness or injury, which are applicable to medical expenses covered by PAC, will be reported according to Regulation .10, below, and paid to PAC as reimbursement for benefits paid on behalf of the recipient.

 Last legal review April 2007 (MLAN/AC/AF)

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