Medicaid Friendly Annuities

Ichiban

Expert
62
Hi Everyone,

I know this is a controversial topic but does anyone know if some good medicaid/medical friendly products?

I know OM Financial has the Safeguard option on all or at least most of their products and American National has the BenchMark Reliance through Legacy but are there anymore?

Thanks!

:1laugh:
 
I think he's talking about countable assets/income.

Such as what are they rules for dumping into an SPIA.

Does anyone here know the rules as they apply to medicare eligibility on annuitizing an existing annuity?
 
My understanding is the payout cannot exceed the annuitants life expectancy, per the IRS table.
 
Sorry for the confusion. Some annuities allow you to annuitize a contract following certain restrictions like the payments are irrevocable, non assignable, non commutable, and actuarial sound. They also must be equal to or less than the clients life expectancy using certain tables.

I was trying to find some extra carriers that meet all those payout guidelines/restrictions. Also if they have marketing material on medicaid as well.
 
I researched this topic last summer,seems to me that multiple carriers will do this. Lincoln Financial was one. I don't recall any marketing material on this feature of an annuity.
 
I would also check with your state. Some states have a look back period.

Also, I think the clients have to be in a nursing home or about to enter a home within 30 days of buying the annuity.
 
I would also check with your state. Some states have a look back period.

Also, I think the clients have to be in a nursing home or about to enter a home within 30 days of buying the annuity.

Shouldnt be a look back problem you are buying something dollar for dollar value.
You are not giving it away, you could buy or annuitize an annuity on the way to check in.
 
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