Medicaid compliant annuities

[goillini52]

hello!

Hello

 

[Allen Trent]

Hello

Following

 

[ValeRosso]

JFC SMDH

 

[Tahoe Ray]

Medicaid Compliant Annuities are alive and well in 2023 and can be easily found in most states except California and New York.

In a case involving a couple, wherein, say, the husband is in the nursing home for custodial care - eating, bathing, dressing, toileting, transferring, or has a cognitive impairment that puts him at risk, the wife (community spouse - CS) can easily qualify him for Medicaid benefits by spending the excess assets on a Medicaid Compliant Annuity (MCA). The MCA converts assets that cause ineligibility into income for the CS, providing eligibility.

In the case of an individual – with no CS, the typical Medicaid plan involves a gift and an MCA. The individual will give away 50-60% of the excess assets and use the remaining excess to purchase a short-term MCA. Since the gift creates a penalty period and the MCA allows the individual to pay privately during the same period, the gift becomes the windfall, and Medicaid eligibility occurs immediately following the end of the penalty period.

So, in a nutshell, proper Medicaid crisis planning affords 100% savings to couples and 50%-60% to individuals.

Fwiw, I don't know this guy personally but anyone who has been around this business for a few decades knows that Krause is the best option for these products.

I'm not a fan of these (and that's debatable but based on my opinion) but if someone is looking for this type of annuity, they're a good option based on feedback I've heard.