For Married Couples
Medicaid Compliant Annuity
Contact us about your Annuity Options!
Community Spouse
The most common strategy for a married couple is purchasing an MCA for the community spouse.
After determining how many assets the couple can keep, any excess countable assets—the spend-down amount—are funded into an MCA for the community spouse.
The MCA payments will go to the community spouse, allowing them to continue their lifestyle at home.
Requirements of a Medicaid Compliant Annuity
In order to be considered Medicaid compliant, an MCA must be irrevocable, non-assignable, and actuarially sound. It must also make equal monthly payments and name the state as a beneficiary.
IRREVOCABLE
The contract cannot be assigned to another party or sold on the secondary market.
NON-ASSIGNABLE
The term of the annuity must be fixed and equal to or shorter than the owner’s Medicaid life expectancy.
ACTUARIALLY SOUND
In most cases, the state Medicaid agency must be named primary death beneficiary to the extent of benefits paid on behalf of the institutionalized individual.
STATE AS BENEFICIARY
The annuity must provide equal monthly payments with no deferral or balloon payments
Senior Benefits Consulting can help.
Remember, qualifying for Medicaid, and annuity purchases can be complex, and the rules can vary from state to state. It's crucial to consult with professionals who have expertise in this area to ensure you make the best decisions for your specific circumstances.
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1-978-521-9020
