New Mexico uses its own life expectancy table.
According to the New Mexico Medicaid Eligibility Institutional Care Manual, Section 8.281.500.14 entitled Asset Transfers:
1. Annuities belonging to the applicant/recipient or to the spouse of the applicant/recipient must be declared. Annuities must be actuarially sound with no deferral and no balloon payments. Annuities purchase or issued after February 8, 2006, must meet the following additional requirements for exclusion as a transfer of assets:
a. The state is named as the remainder beneficiary in the first position for at least the total amount of Medicaid expenditures paid on behalf of the institutionalized individual; the state may be named the remainder beneficiary in the second position if there is a community spouse or a minor or a disabled child and is named in the first position if the community spouse or representative of the child disposes of any such remainder for less than fair market value;
b. When Medicaid is a beneficiary of an annuity, issuers of annuities are required to notify Medicaid of any changes in the disbursement of income or principal from the annuity as well as any changes to the state’s position as remainder beneficiary; and
c. It is non-assignable and irrevocable.
To find more information, please visit the New Mexico Human Services Department website.
New Mexico Desk Reference
|Divestment Penalty Divisor||$7,786 per month (eff. 1/1/16)|
|Income Cap||$2,199.00 (eff. 1/1/16)|
|Individual Resource Allowance||$2,000.00 (eff. 1/1/16)|
|Monthly Personal Needs Allowance||$69.00 (eff. 1/1/16)|
|Minimum Community Spouse Resource Allowance||$31,290.00 (eff. 1/1/16)|
|Maximum Community Spouse Resource Allowance||$119,220.00 (eff. 1/1/16)|
|Minimum Monthly Maintenance Needs Allowance||$2,002.00 (eff. 7/1/16)|
|Maximum Monthly Maintenance Needs Allowance||$2,981 (eff. 1/1/16)|
|Shelter Standard||$600.00 (eff. 7/1/16)|
|Standard Utility Allwoance||$318.00 (eff. 10/1/15)|
|Resource Allowance for a Couple (Husband and Wife both reside in a facility)||$2,000.00 (eff. 1/1/16)|
|Last Updated||July 1, 2016|