Medicaid Annuity

By |2013-09-23T16:21:10+00:00September 23rd, 2013|

The process of using an immediate annuity to help protect assets against the high cost of nursing homes and expensive healthcare charges. Since Medicaid won’t pay for people’s nursing home care if they have assets over $2,000, (excluding a house or car), some individuals transfer all of their liquid assets into an irrevocable medicaid annuity. The annuity effectively transfers all of their wealth to a third party insurance company, which guarantees the owner a monthly fixed income for life. In many states, the medicaid annuity can be an attractive alternative to traditional advice of self-impoverishment to qualify for welfare, providing that the annuity contract is irrevocable, actuarially sound, includes equal payments over the lifetime of the annuitant, and does not include a benefactor or balloon payment upon death.


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About the Author:

Bill Broich is a well-known annuity expert with over 30 years of experience. He has written hundreds of articles on annuities and other financial topics, and has been a featured commentator on TV, Radio and the Internet.

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