I was denied coverage. 91 yrs old. lifetime annuity. paid more than initial investment. annuity and SS drive me over the minimum income level.

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Bird - you really need to review the contract on the annuity to determine what type of annuity you have (like if its a variable) and what the terms are for a surrender (or exchange). You are likely to find that there will be significant fees and reductions or penalties placed on doing any changes on the annuity. The insurance agent who sold the annuity to you should be able to answer your questions on all this (& should as they have been making a nice commission on this product). If the insurance agent isn't being responsive, then contact the administrator of the annuity to get the surrender information.

Annuities are an insurance product with very much defined limitations on the funds you placed into the annuity. It's not like having $ in a savings or checking account that you can go and take a withdrawal as need be without any issues.

Realize doing anything to the annuity other than the allowed annual reduction to the funds (this is usually 10%) will have fees and penalties and possible tax consequences.

I'd like to dial your ? back a bit.....why are you thinking you need Medicaid?
Is this about paying for medical expenses that are not being covered by Medicare?...or are you needing to change your living situation? Like move into AL or a NH and need a way to pay for that and think that medicaid will pay?
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