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• A Medicaid Annuity is a single premium, immediate annuity. |
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• The annuity must be irrevocable, non-transferable and non-assignable. These restrictions may be critical for the use of an immediate annuity with Medicaid benefits. |
• Single premium means the annuity is funded by a single payment to a third party insurance company. Immediate means income payments to the annuitant, you the owner, begins immediately. |
• In many cases this type of annuity is not considered as an asset by Medicaid. |
If you should die before receiving all guaranteed income payments, your joint or contingent annuitant or your beneficiary will receive the value of any remaining income. |
CONSULT AN ELDER LAW ATTORNEY FOR SPECIFIC RULES PERTAINING TO YOUR STATE. *Medicaid eligibility can vary from state to state. |
A MEDICAID ANNUITY CAN ENSURE YOU HAVE AN INCOME STREAM IF YOU ANTICIPATE A NURSING HOME STAY OR REQUIRE HEALTH CARE |
• Your Medicaid Annuity increases in value over the life of the annuity. |
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