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). |
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. |
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.
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 |