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Financial Determination Configuration - PM

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Enter income and assets in order to determine a client's monthly ability to pay. This monthly ability to pay amount can be used as a monthly deductible for any number of benefit plans.

Avatar PM > System Maintenance > System Definition > Financial Determination Configuration

Prerequisites:

  1. In the Configuration field, select either an existing record to edit, or Create New. When a configuration record is updated, any existing client-specific Financial Determination record using that configuration will be updated with all new values, unless the value has been modified manually.
  2. Click Copy Forward to copy all existing data from the selected record to a new record.
     The Effective Date will be changed to one day after the Expiration Date, and the Expiration Date will be calculated based on the new Effective Date and the date range of the original record being copied. If the new date range overlaps with an existing record, the dates will be left blank.
  3. In the Effective Date and Expiration Date fields, enter the date range for the financial determination.
  4. In the Lump Sum Value Is Net Assets Plus field, enter the amount of money to add to the Net Assets amount (on the Financial Determination form) in order to determine the total Lump Sum Payment amount.
  5. In the FICA Tax rate field, enter the tax rate to multiply the annual wages by in order to determine the tax amount. This FICA tax amount will then be subtracted from the annual wages to calculate the total wages for a record in Financial Determination.
  6. In the Room And Board field, enter the annual amount of room and board costs for the client. This will be subtracted from the Annual Liability in order to determine the Annual Ability To Pay in Financial Determination.

Brief Determination

  1. In the Dependent Exemption field, enter the exemption amount for each dependent. This number will be multiplied by the number of Dependents entered on the Financial Determination form to calculate the Protected Income.
  2. In the Special Exemption field, enter the amount of any special exemptions.
    This number will be added to the Protected Income only if the Apply Special Exemption field (on the Financial Determination form) is set to Yes.
  3. In the Default Income Percentage For Ability To Pay field, enter the percentage to deduct from a client's income to use to determine the Annual Ability To Pay on the Financial Determination form. If no Income Range exists for the entered Net Income, the Annual Ability To Pay will be calculated using this percent of the Net Income.
  4. In the Income Range field, select a previously defined income range, or Create New. If Net Income on the Financial Determination form falls within this income range, the Annual Ability To Pay will be set to the value chosen below.
  5. In the Minimum Income field, enter the client's minimum amount of income.
  6. In the Maximum Income field, enter the client's maximum amount of income.
  7. In the Annual Ability to Pay field, enter the amount that the client is able to pay each year.

Protected Assets

  1. In the 'Dependent' fields 1-5, enter the amount used for protected assets for the corresponding number of dependents.
  2. In the Each Additional Dependent field, enter the amount to add. 
    If the number of dependents on the Financial Determination form does not match one of the dependent fields entered here, this amount will be added on top of the highest entered value for each dependent above that number to determine the protected assets

Protected Income

  1. In the SSI Protection field, enter the monthly amount of protected income to add to the Financial Determination form if an Income Type is SSI.
  2. In the Additional Protection field, enter the additional amount per month that could be protected at staff discretion.
    This amount will be added to the Financial Determination's protected income amount if the Apply Additional Protected Income field is set to Yes.
  3. In the Protected Wages field, enter the monthly amount to add to protected income on the Financial Determination form if there are wages entered.
     
  4. Click Submit.
► SQL Tables
  • SYSTEM.fin_determ
  • SYSTEM.fin_determ_info
  • SYSTEM.fin_determ_inc_assets
  • SYSTEM.fin_determ_exc_assets
  • SYSTEM.fin_determ_wages
  • SYSTEM.fin_determ_income
  • SYSTEM.fin_determ_expense