Also the beneficiary of the annuity will have to be changed to the state for Medicaid recovery purposes to the value of care paid for by the state. So you are not leaving proceeds of annuity to others as legacy to get Medicaid to pay for care and leave money. Some annuities have required minimum distributions that may bust income limit also.
For Medicaid eligibility purposes, a deferred annuity is a countable asset. ... If you have an immediate annuity and you are applying for long-term Medicaid benefits, the annuity is not a countable asset but the monthly payment you receive from the annuity will have to be paid to the nursing home.Jun 1, 2015
For Medicaid eligibility purposes, a deferred annuity is a countable asset. ... If you have an immediate annuity and you are applying for long-term Medicaid benefits, the annuity is not a countable asset but the monthly payment you receive from the annuity will have to be paid to the nursing home.Jun 1, 2015