B Irrevocably and Permanently Assigned Income Example
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B Example Irrevocably and Permanently Assigned Income

 

Program

Manual Section

ALTCS

MA604.B

 

The customer has a flat rate insurance policy. It pays $50.00 a day for each day that he is in a nursing home. The payments are made monthly.

The customer irrevocably assigns these monthly insurance payments to the nursing home beginning in the month of November. He cannot change the assignment or get the ongoing payments back.

Any payments the customer got before November are counted as income in the month he got them. Starting in November, the payments are not counted as income. However, if the customer is applying for or getting ALTCS, the assignment of the insurance payments is as a transfer.