16.4 Accounts

16.4.1 Joint Accounts
16.4.2 Jointly Held Real Property

16.4.1 Joint Accounts

Account means a deposit of funds with a financial institution (bank, savings and loan, credit union, insurance company, investment firm, etc).

Apply the following policy to accounts where the account holders have equal access to the funds.

Note:

The following policy does not apply to joint ownership of securities such as stocks and bonds. Shares of stock represent ownership in a business, and their value shifts. Absent evidence to the contrary, assume each owner owns an equal share of the value of the security. For example, two owners would each own 50% of the value. The individual’s stock certificate or statement of account should indicate their ownership percentage.

16.4.1.1 EBD Medicaid Applicant/Member EBD Co-owner

When an EBD Medicaid applicantA person who has submitted a request for coverage for whom no decision has been made regarding eligibility or memberA recipient of Medicaid; formerly referred to as a "client." shares a joint account with a co-owner who is another EBD applicant/member, deem an “equal share” to each account holder.

“Equal share” means an amount in proportion to the number of EBD-related applicant/member account holders. If there are three holders, an equal share means each is deemed 1/3 of the account balance.

EBD Medicaid applicant/members also include any of the Medicare Beneficiary programs QMBQualified Medicare Beneficiary, SLMBSpecified Low-Income Medicare Beneficiary, SLMB+Specified Low-Income Medicare Beneficiary Plus, and QDWIQualified Disabled and Working Individual.

SeniorCare applicant/members are not considered an EBD-related applicant/member when deeming joint accounts.

16.4.1.2 EBD Medicaid Applicant/Member Non EBD Co-owner

When an EBD Medicaid applicant/member shares an account with an individual or individuals who are not EBD Medicaid applicant(s)/member(s) count the full amount of the account as a countable asset for the EBD Medicaid applicant/member.

16.4.1.3 Exception to Joint Accounts policy

Do not apply Joint Accounts policies (see Section 16.4.1 Joint Accounts) to the following kinds of joint accounts:

Accounts established for business, charitable or civic purposes.
Trust or restricted accounts. A trust or restricted account is one in which the person named as holder of the account has no access or limited access to the funds in it.
Special purpose accounts. A special purpose account has at least one holder acting as the power-of-attorney, guardian, or conservator for at least one of the other holders of the account.
Convenience accounts
The following policy applies only to joint accounts of persons who are not married to one another:

When a person's name appears on a joint account, assume he or she is part owner of the assets in the account. Inform the member that he or she has a right to present evidence showing he or she did not deposit any assets into the account.

To show that he or she does not own or co-own any assets in the account, he or she must present all of the following:
- A signed statement explaining:
  - Who owns the funds in the joint account
  - The reason for establishing it
  - Who made the deposits to the account
- A signed corroborating statement from the co-holder of the account
- A copy of the change in the account which removes his or her name or restricts his or her access

If the co-holder is incompetent or a minorA minor is a person less than age 18., obtain a statement from a knowledgeable third party. Then, decide whether to accept the person's statement. If you decide he or she is not a co-holder, apply the decision retroactively as well as prospectively. When no third party is available, document the reason.

16.4.2 Jointly Held Real Property

Apportion an equal share of any real property or any income derived from real property to each owner. To apportion, the equity or income must be available.

This page last updated in Release Number: 18-02
Release Date: 8/10/2018
Effective Date: 8/10/2018