What is income & what is a resource?

Recently, I have noticed people do not understand the difference between income and resources (assets).  

This is very common for Medicaid/ALTCS applicants. 

Income is  money coming in via wages, Social Security benefits,  pensions (either earned or unearned) on a monthly basis via direct deposit or a check.  

Resources or assets are anything of value that can be converted into cash such as a bank account, stocks. bonds, CD's etc.

Income is not a resource in the month it is received but if not spent then the following month of receipt it becomes a resource or asset. 

Some resources produce income such as dividends and interest.