IM-137 SECTION 529 PLANS, OR “MOST” ACCOUNTS, ADDED TO DECEMBER 1973 ELIGIBILITY REQUIREMENTS AND FAMILY MO HEALTHNET (MAGI) MANUAL

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Department of Social Services
Family Support Division
PO Box 2320
Jefferson City, Missouri

TO:  ALL FAMILY SUPPORT OFFICES

FROM:  KIM EVANS, DIRECTOR

SUBJECT:  SECTION 529 PLANS, OR “MOST” ACCOUNTS, ADDED TO DECEMBER 1973 ELIGIBILITY REQUIREMENTS AND FAMILY MO HEALTHNET (MAGI) MANUAL

MANUAL REVISION #
1025.015.19
1805.030.20.10

 

DISCUSSION:

Section 529 plans, known as MOST accounts in Missouri, are a type of investment account used to save for or provide for education expenses.

The December 1973 Eligibility Requirements manual is updated with a new section, 1025.015.19 Section 529 Plans, or MOST Accounts. This section describes:

  • The income and resource treatment of Section 529 plans for MO HealthNet for the Aged, Blind, and Disabled programs
  • Treatment of MOST accounts awarded to participants of the Missouri Vaccine Incentive Program (MO VIP)
  • Treatment of funds transferred from a MOST account to an Achieving a Better Life Experience (ABLE) account

Section 1805.030.20.10 Income Excluded Under MAGI is updated to note distributions from Section 529 plans, or MOST accounts, are an excluded income type when the distributions are used for qualified education expenses.

 

NECESSARY ACTION:

  • Review this memorandum with appropriate staff.

 

KE/ers