Annuities & Medicaid
If someone has an annuity that is 7 years old and is currently applying for medicaid, will this annuity cause a problem or is it considered as being owned by the insurance company?
Answers
541 points
Creezy answered 11 months ago …
That's a really interesting question - I've had some experience with this when my aunt was applying for medicaid...she was told she could decrease her assets by moving them to an annuity, but the income still might've been too much. I found this article on the top that might be of some help. It also references a couple of books:
http://www.immediateannuities.com/library_articles/annuities-medicaid.htm
I hope that was helpful and good luck to you.
872 points
CUWu answered 11 months ago …
Sorry Creezy but I think you're wrong on this one...actually, you might be right but you need to qualify your statement better. Annuities are fair game, both in terms of the asset value itself and the income....that is UNLESS it's in an IRA.
If it's in an IRA then it could be protected - however, the income still counts.
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