Medicaid compliant annuities

[goillini52]

hello!

Hello

 

[Allen Trent]

Hello

Following

 

[ValeRosso]

JFC SMDH

 

[Dale M Krause]

Medicaid Compliant Annuities are still available in most states except California and New York in 2023. If a couple is in a situation where one spouse ( unhealthy spouse - IS) requires care in a nursing home or has a cognitive impairment, the other spouse (community spouse - CS) can spend excess assets on a Medicaid Compliant Annuity (MCA) to qualify for Medicaid benefits. This converts the excess assets into income for the community spouse, making the institutionalized spouse eligible for Medicaid.

For individuals who do not have a community spouse, the typical Medicaid plan involves gifting away 50-60% of the excess assets and purchasing a short-term MCA with the remaining excess assets. The gift creates a penalty period, during which the MCA allows the individual to pay privately. Once the penalty period ends, the individual becomes eligible for Medicaid.

In summary, proper Medicaid crisis planning can result in significant savings. Couples can save 100%, while individuals can save 50-60%.

 

[Dale M Krause]

Medicaid Compliant Annuities are alive and well in 2023 and can be easily found in most states except California and New York.

In a case involving a couple, wherein, say, the husband is in the nursing home for custodial care - eating, bathing, dressing, toileting, transferring, or has a cognitive impairment that puts him at risk, the wife (community spouse - CS) can easily qualify him for Medicaid benefits by spending the excess assets on a Medicaid Compliant Annuity (MCA). The MCA converts assets that cause ineligibility into income for the CS, providing eligibility.

In the case of an individual – with no CS, the typical Medicaid plan involves a gift and an MCA. The individual will give away 50-60% of the excess assets and use the remaining excess to purchase a short-term MCA. Since the gift creates a penalty period and the MCA allows the individual to pay privately during the same period, the gift becomes the windfall, and Medicaid eligibility occurs immediately following the end of the penalty period.

So, in a nutshell, proper Medicaid crisis planning affords 100% savings to couples and 50%-60% to individuals.

 

[Tahoe Ray]

Medicaid Compliant Annuities are alive and well in 2023 and can be easily found in most states except California and New York.

In a case involving a couple, wherein, say, the husband is in the nursing home for custodial care - eating, bathing, dressing, toileting, transferring, or has a cognitive impairment that puts him at risk, the wife (community spouse - CS) can easily qualify him for Medicaid benefits by spending the excess assets on a Medicaid Compliant Annuity (MCA). The MCA converts assets that cause ineligibility into income for the CS, providing eligibility.

In the case of an individual – with no CS, the typical Medicaid plan involves a gift and an MCA. The individual will give away 50-60% of the excess assets and use the remaining excess to purchase a short-term MCA. Since the gift creates a penalty period and the MCA allows the individual to pay privately during the same period, the gift becomes the windfall, and Medicaid eligibility occurs immediately following the end of the penalty period.

So, in a nutshell, proper Medicaid crisis planning affords 100% savings to couples and 50%-60% to individuals.

Fwiw, I don't know this guy personally but anyone who has been around this business for a few decades knows that Krause is the best option for these products.

I'm not a fan of these (and that's debatable but based on my opinion) but if someone is looking for this type of annuity, they're a good option based on feedback I've heard.