KK Interest and Dividends

 

Policy

How interest and dividend payments are treated depends on the following:

 

If the customer is eligible for...

Then the treatment is...

·         ALTCS

·         SSI-MAO

·         MSP

Excluded.

·         Adult

·         Caretaker Relative

·         Pregnant Woman

·         Child

·         KidsCare

Counted as unearned income.

Exceptions:

·         Interest and dividend income from tax-exempt municipal and federal bonds are not counted.

·         Interest on matching funds in an IDA account are not counted (MA606.FF).

 

Definitions

Term

Definition

Interest and Dividends

Interest and dividends are returns on capital investments such as promissory notes, loans, property agreements, burial accounts, stocks, bonds, savings accounts or checking accounts.

 

Proof

Income is first obtained through the Federal and State Data Services Hubs.  If needed, other proof includes:

·         Tax reporting forms and related schedules;

·         Account statements; or

·         Written statement from the financial institution.

 

Legal Authority

This requirement applies to the following programs:

Program

Legal Authorities

ALTCS

SSI-MAO

Medicare Savings Program

42 USC 1382a(a)(2)(F)

42 USC 1382a(b)(23)

20 CFR 416.1121(c)

Adult

Caretaker Relative

Pregnant Woman

Child

KidsCare

42 CFR 435.603

42 CFR 457.10, 300, 301 and 315