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Chapter 13. Medicaid > Annuities

Annuities

Annuities are a very helpful Medicaid planning tool in many states although again, just as with trusts, as more people use annuities, we are finding more states placing limitations upon them. The laws governing the Medicaid use of annuities vary significantly from state to state. However, in most states they still present many planning opportunities.

As I said earlier, when someone gives assets away in order to qualify for Medicaid benefits, there is a disqualification period that depends on the amount that is given away and the figure used by the particular state for the average cost of nursing home care in that state. However, certain kinds of annuities qualify as noncountable assets, so you can exchange what would otherwise be countable assets for a noncountable annuity, regardless of the amount and regardless of when it is done, without adversely affecting Medicaid eligibility.


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