Asset Verification Program
When applying for or renewing certain types of Medicaid, specifically persons in the aged, blind or disabled categories, individuals must tell Medicaid about any assets or resources they own. Medicaid also needs to know about the assets and resources for a member’s spouse or parents if the member is a minor.
Assets and resources include things like bank accounts, recreational vehicles (like boats), and some life insurance policies. Medicaid is also required to check with your financial institutions electronically to be sure we know about all assets and resources. This electronic exchange using an asset verification system is a new federal requirement.
Who does Asset Verification apply to?
- Individuals in the aged, blind or disabled Medicaid categories, including long term care such as nursing homes, ICF/IID facilities (large and small facilities), and waivers.
- All new applicants for Aged, Blind or Disabled categories of Medicaid including long term care
- Current members in Aged, Blind or Disabled Medicaid or in long term care coverage who do not have Supplemental Security Income (SSI).
The Asset Verification Form
The Asset Verification Form is a document for consent to perform the asset verification system search.
Why does Medicaid need this form?
- If a Medicaid member has a legal spouse, the spouse must also agree to the electronic check for assets and resources. If a Medicaid member is a minor, there are circumstances where the parents must agree to the electronic check. Specifically, For any children’s waiver:
- AVS applies if you do NOT waive first month of eligibility or if you request retro-coverage. The other parent must sign consent form.
- Consent form must be signed by waiver recipient after the child turns 18
for assets and resources. Without a signed Asset Verification Form from the spouse or parent spouse as noted above, the Medicaid member will lose coverage.
What will happen if I do not give Medicaid a signed Asset Verification Form?
Without a signed form, the Medicaid member’s healthcare coverage will end. They will no longer be able to access healthcare services.
When does Medicaid need the signed form?
The form is due during application or at the Medicaid member’s next annual renewal. The form only needs to be sent to us once as long as there is no break in Medicaid eligibility.