For the purposes of this determination, the word ‘home’ is defined as:
- If rural property, includes the acreage on which the home is located, plus any adjoining acreage which is a part of that farming unit (property will be considered as adjoining even though a road may separate two tracts, if the property is farmed as a single unit); or
- If town or city property, include lots on which there is no dwelling but which adjoin the residence (regardless of the number of lots, as long as they are in the same city block).
If a Blind Pension recipient leaves the home, the home becomes an available resource immediately and the 24 month rule does not apply.
ACHIEVING A BETTER LIFE EXPERIENCE ACCOUNT (ABLE)
Per House Bill 2171 (2018) funds held in an Achieving a Better Life Experience Account (ABLE) owned by the blind pension participant are excluded up to $100,000 in determining total property owned by the participant and his/her spouse. Funds held in an ABLE account by the sighted spouse are excluded entirely for the BP determination.
RETIREMENT ACCOUNTS, ANNUITIES, TRUSTS, AND OTHER FINANCIAL ASSETS
Exclude the portion of retirement account, annuity, trust, or other financial assets, the participant and/or spouse cannot currently access.
EXAMPLE: Mr. B is age 50 and has an employer sponsored retirement account. He is still employed and may not access any of the funds for any reason as long as he is employed, and under the age of 59 ½. This account does not count toward the resource limit.
NOTE: Provisions within the account that allow access to funds based on hardship do not automatically render the funds an available resource. The participant must have experienced the specific hardship in order for funds to be considered available.
EXAMPLE: Mr. C B is age 50 and has an employer sponsored retirement account. He is still employed and may access funds only if he experiences a hardship, such as a medical crisis as long as he is employed, and under the age of 59 ½. This account does not count toward the resource limit.