CT.GOV-Connecticut's Official State Website
CONNECTICUT DEPARTMENT OF SOCIAL SERVICES
UNIFORM POLICY MANUAL
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Date: 10-1-00 Transmittal: UP-00-22 4030.05
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Section: Type:
Treatment of Assets POLICY
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Chapter: Program: AFDC
Treatment of Specific Types AABD
_______________________________________________________________ MA
Subject: FS
Bank Accounts
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4030.05 A. Types of Bank Accounts
Bank accounts include the following. This list is not all inclusive.
1. Savings account;
2. Checking account;
3. Credit union account;
4. Certificate of deposit;
6. Patient account at long-term care facility;
7. Children's school account;
8. Trustee account;
9. Custodial account.
B. Checking Account
That part of a checking account to be considered as a counted asset during a given month is calculated by subtracting the actual amount of income the assistance unit deposits into the account that month from the highest balance in the account for that month.
C. Income Versus Assets
Money which is received as income during a month and deposited into an account during the month is not considered an asset for that month, unless the source of the money is:
1. an income tax refund; or
2. cash received upon the transfer or sale of property; or
3. a security deposit returned by the landlord.
D. Excluded Accounts -- Working Individuals with Disabilities
The following assets are excluded in determining the Medicaid eligibility of working individuals with disabilities (Cross Reference: 2540.85):
1. retirement and medical savings accounts established pursuant to 26 USC 220 and held by either the individual or his or her spouse; and
2. accounts held by the individual or spouse and designated by such person as being held for the purpose of buying goods or services that will increase the employability of the individual. Such accounts are subject to the approval of the Department.
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