Dale M Krause
Expert
A non-compliant annuity can have serious consequences when it comes to Medicaid planning. That's why it's crucial to understand the rules and regulations surrounding Medicaid annuities. Properly structuring a Medicaid annuity can effectively convert countable assets into a stream of income while preserving assets for family members; it must be irrevocable, nonassignable, be actuarially sound, have equal payment, and name the State Medicaid Program as a beneficiary. However, if the annuity is not compliant, it could result in a penalty period for the individual seeking Medicaid coverage or be treated as an asset, defeating its purpose. To avoid this, it's essential to ensure that any Medicaid annuity is structured in compliance with Medicaid regulations. Don't take any chances with your assets and eligibility for Medicaid - make sure you understand the rules surrounding Medicaid annuities and work with a qualified professional to ensure compliance.
