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 Indiana Administrative Code (Last Updated: December 20, 2016)
 Title 440. DIVISION OF MENTAL HEALTH AND ADDICTION
 Article 440IAC7.5. RESIDENTIAL LIVING FACILITIES FOR INDIVIDUALS WITH PSYCHIATRIC DISORDERS OR ADDICTIONS
 Rule 440IAC7.5-3. Requirements Specific for Managed Care Providers and Community Mental Health Centers

  Section 440IAC7.5-3-5. Components of the resident's income and assets  

Latest version.

  •    (a) The following are considered the resident's income for purposes of the resident living allowance:

    (1) Wages.

    (2) Interest paid on accounts.

    (3) Rental income.

    (4) Interest or dividends paid on certificates, bonds, or securities.

    (5) Cash benefits, including the following:

    (A) Insurance payments.

    (B) All entitlement programs from state or federal sources.

    (C) Pensions from union or other employment.

    (D) Routine cash gifts from family or others.

      (b) The following are requirements concerning trusts:

    (1) Routine distributions from a trust for the use of an individual or on behalf of the individual by the administrator of the trust shall be considered income to the individual.

    (2) Lump sum distributions from a trust may be considered liquid assets.

    (A) The conditions and terms of trusts shall be disclosed in full by providing a copy of the trust instrument to the agency in order to determine if the assets of the trust shall be available to meet the individual's obligation to pay for the cost of residential services.

    (B) All distributions from the trust shall be reported to the agency by the trustee to determine if the distributions have created income or assets for purposes of this rule.

      (c) The following are considered liquid assets for purposes of the resident living allowance program:

    (1) The excess of life insurance policies with a cash surrender value of more than three thousand dollars ($3,000).

    (2) Savings accounts.

    (3) Checking accounts.

    (4) Certificates of deposit.

    (5) Securities.

    (6) Bonds.

    (7) The contents of safety deposit boxes held in the name of the individual, or in common, or jointly with others.

      (d) Assets shall be valued at their current market value.

      (e) Unless otherwise demonstrated, jointly held assets shall be equally prorated among all named owners. (Division of Mental Health and Addiction; 440 IAC 7.5-3-5; filed Jun 10, 2002, 2:25 p.m.: 25 IR 3137; readopted filed Nov 5, 2008, 3:50 p.m.: 20081119-IR-440080742RFA; readopted filed Jul 21, 2011, 9:39 a.m.: 20110817-IR-440110249RFA)