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Author: leehsm Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Annuities & Medicaid Date: 6/15/1999 1:28 PM
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I'm trying to get some info on a promotion by the National Seniors Advisory Counsel. They say that some fixed annuities (that they will sell you naturally) will not be included when reporting income to determine qualifying for Medicaid nursing home care. Any comments or suggestion will be appreciated.
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Author: dharmadollars Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 11319 of 74759
Subject: Re: Annuities & Medicaid Date: 6/15/1999 5:26 PM
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<I>They say that some fixed annuities (that they will sell you naturally) will not be included when reporting
income to determine qualifying for Medicaid nursing home care.

Let me take a shot at the fact pattern on this question. If the marital assets are used to purchase an immediate annuity on the life of the community spouse, prior to applying for Medicaid, the monies so invested will not be counted in the asset picture to be considered for spend-down before the institutional spouse becomes eligible for Medicaid. I believe the annuity must be immediate, and not deferred. If it is deferred, it could be withdrawn, and would thus become part of the assets picture for determining Medicaid eligibility. I believe the amount of the annuity distributions are considered, but since they are income to the community spouse and not the institutinoal spouse their role in medicaid qualification is peripheral.

Some larger questions are: how much money is at stake and what is the intended use of the money? Is the purchase of long term care insurance a viable consideration?

Regards--dharmadollars

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