South Carolina § 44-6-725 Promissory notes received by Medicaid applicant or recipient.

South Carolina Statutes

§ 44-6-725 — Promissory notes received by Medicaid applicant or recipient.

South Carolina·Title 44 HEALTH·Ch. 6 DEPARTMENT OF HEALTH AND HUMAN SERVICES

Any promissory note received by a Medicaid applicant or recipient or the spouse of a Medicaid applicant or recipient in exchange for assets which if retained by the applicant or recipient or his spouse would cause the applicant or recipient to be ineligible for Medicaid benefits, shall, for Medicaid eligibility purposes, be deemed to be fully negotiable under the laws of this State unless it contains language plainly stating that it is not transferable under any circumstances. A promissory note will be considered valid for Medicaid purposes only if it is actuarially sound, requires monthly installments that fully amortize it over the life of the loan, and is free of any conditional or self-canceling clauses.

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Any promissory note received by a Medicaid applicant or recipient or the spouse of a Medicaid applicant or recipient in exchange for assets which if retained by the applicant or recipient or his spouse would cause the applicant or recipient to be ineligible for Medicaid benefits, shall, for Medicaid eligibility purposes, be deemed to be fully negotiable under the laws of this State unless it contains language plainly stating that it is not transferable under any circumstances. A promissory note will be considered valid for Medicaid purposes only if it is actuarially sound, requires monthly installments that fully amortize it over the life of the loan, and is free of any conditional or self-canceling clauses.

South Carolina § 44-6-725 (Promissory notes received by Medicaid applicant or recipient.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.