MOHealthNet will disregard assets if the applicant owns a long term care policy that meets certain requirements. Medicaid caseworkers will disregard assets or resources equal to the amount of long-term care benefits paid on behalf of an individual if the long-term care policy meets the requirements of a state certified qualified long-term care partnership policy. The total amount of assets disregarded is the total amount of long-term care benefits paid to or on behalf of the individual as of the month of his or her application for MO HealthNet Vendor assistance. The asset disregard is applied to resources considered available to the participant.
The insurance benefits upon which a disregard may be based include benefits paid: as a direct reimbursement of long-term care expenses paid while the participant was residing in a nursing facility or at home; or on a per diem, or other periodic basis, for periods during which the individual received long-term care services.
The amount disregarded as an asset in determining eligibility is the amount the insurance carrier verifies as paid to or on behalf of the individual as of the month of application. The benefits available under a qualified long-term care policy are not required to be fully exhausted before the disregard of assets is applied.
EXAMPLE: Mr. Manning moved to Missouri from Indiana in 2005. He applied for Mo HealthNet vendor benefits in Missouri on August 6, 2008. Mr. Manning owns a certificate of deposit (CD) at the local bank for $50,000; that is his only asset. Mr. Manning has a qualified long-term care partnership policy that he purchased in Indiana eight years prior to his application for benefits in Missouri. The amount paid on behalf of Mr. Manning for long-term care benefits as of August 2008 was $65,000.00. When determining Mr. Manning’s eligibility for vendor care, the eligibility specialist disregards $65,000 of his assets. The eligibility specialist applies the asset disregard to the full value of Mr. Manning’s $50,000 CD.
Missouri Department of Social Services Income Maintenance Manual.