Medicaid compliant annuities

[AnnuityGuy63]

I have an annuity client in Fort Lauderdale, I sold him his MAPD this year and as I always check medicaid eligibility, he came up as QMB+ / 100 LIS.

Am I in the wrong for not reporting him to medicaid for having an annuity ?

 

[Allen Trent]

I have an annuity client in Fort Lauderdale, I sold him his MAPD this year and as I always check medicaid eligibility, he came up as QMB+ / 100 LIS.

Am I in the wrong for not reporting him to medicaid for having an annuity ?

Is there some mandatory reporting as part of Medicare Supps/Advantage?

I am certain if they are actually on Medicaid, they have ongoing eligibility forms where they have to disclose any/all income & any/all assets. If over the income or asset threshold, they would stop Medicaid eligibility until below the threshold again

 

[Tahoe Ray]

I am certain if they are actually on Medicaid, they have ongoing eligibility forms where they have to disclose any/all income & any/all assets. If over the income or asset threshold, they would stop Medicaid eligibility until below the threshold again

Believe it or not, Allen, people LIE about this stuff.

 

[Allen Trent]

Believe it or not, Allen, people LIE about this stuff.

For sure, just was confused as to why a MAPD agent thought he was required to report an annuity. Allowed certain assets, especially if married

 

[CALTCAgent]

I have heard medi-cal checks and verifies things like bank accounts/tax returns, not sure about medicaid. So not sure how easy it is to lie on the application ?

 

[Tahoe Ray]

I have heard medi-cal checks and verifies things like bank accounts/tax returns, not sure about medicaid. So not sure how easy it is to lie on the application ?

Annuities, if deferred and NQ, can essentially have no record of existing.

 

[CALTCAgent]

Annuities, if deferred and NQ, can essentially have no record of existing.

I guess they can't take any withdrawals because they might get disqualified if they get a 1099.

 

[Tahoe Ray]

I guess they can't take any withdrawals because they might get disqualified if they get a 1099.

Correct.

 

[Allen Trent]

I guess they can't take any withdrawals because they might get disqualified if they get a 1099.

Biggest risk is not disqualification but getting caught for welfare fraud for lying on the medicaid application, etc

 

[IdellPacocha]

hello!