Certain types of annuities can be used in Medicaid planning to convert countable assets into an income stream. Medicaid-compliant annuities must be irrevocable, non-assignable, actuarially sound, and provide equal payments. An elder law attorney can help you design a Medicaid plan with annuities.
Key Points
- Medicaid-compliant annuities: convert countable assets into income stream
- Requirements: irrevocable, non-assignable, actuarially sound, equal payments
- Elder law attorney: can help design a Medicaid plan with annuities
- Medicaid look-back period: 5 years for most transfers
- An independent agent can help you find Medicaid-compliant annuities