Medicaid Compliant Immediate Annuities - Who Issues Them?

[somarco]

Immediate annuities can be "Medicaid compliant", but you need to put money in them long before you apply for Medicaid.

I think they OP was looking for something to use now to avoid paying for long term care starting in the immediate future.

But that is just a wag.

And yes, there may be something we don't know.


Ha, ha, ha, ha . . . .

 

[insurancejd]

Sorry for a bump, but saw a post I actually could answer. Medicaid planning is very state specific, but at least here you can use Medicaid compliant annuities where the state is named as a primary beneficiary if the state pays any cost of care as part of what's known as a "half-loaf" plan where half is divested to the family (or trust) the remainder is in a Medicaid compliant annuity that names the state as primary beneficiary and family as contingent beneficiary.

The medicaid compliant annuity does not count as a divestment nor as an asset if its set up properly so it pays out during the divestment penalty. Typically, these are less than a year.

Having been licsensed but now just moving into the insurance agency, I haven't sold any. I contact a firm google "medicaid annuity" to place this tool.