Medicaid Qualifying Annuities

Over the past few years there has been a significant increase in the use of single premium immediate annuities in financial and estate planning. Many Americans use tax deferred annuities to protect assets and avoid Medicaid seizure. In many cases immediate income annuities are used. These annuities are very effective when used in the right situations. In situations where assets exceed the allowable limits, converting assets to an immediate annuity stream may be beneficial.

The lifetime annuity option with no period certains or refunds guarantee that the income stream will cease at the death of the annuitant. One also must be careful because when an income continues to the heirs of an estate after the demise of the Medicaid recipient that income may be subject to recovery by the state.

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When using a Medicaid qualifying annuity for this purpose the annuity income stream must begin prior to application for Medicaid. The annuity also must have a life expectancy that is congruent to that of the one used by the Social Security administration.

In all cases you must be very careful to ensure that all of the above criteria are met when using a Medicaid qualifying annuity. An elder law attorney or other professional often is called upon for their expertise in this area.


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I contacted Immediate to buy one of my immediate annuities. They were prompt, very responsive, paid attention to detail, understood my objectives, and were superb when it came to staying on top of seeing the funds transfer and issue of new policy documents through to completion.
Dr. David Babbel Professor Wharton School
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