Participants must have total net worth (assets minus liabilities) of less than $100,000. In the case of married participants or those in domestic partnerships, 50 percent of the combined net worth of the participant and his/her spouse/partner will be considered to be the net worth of the participant. All applicants must submit disclosure statements of net worth annually as part of the application process (with their first application for participation in a given year), and as part of the information submitted for a change in marital status. Qualified Retirement assets--such as 403(b), 401(k), or IRAs--will be excluded from the net worth calculation for purposes of net asset qualification.
LRAP Plus Policies