Medicare Compliant Annuities

[golfnut]

What Companies offer annuities that meet the Medicare requirements? I see several lawyers that are using this as an opportunity to sell annuties themselves.

 

[moonlightandmargaritas]

Do you mean Medicaid requirements?

 

[golfnut]

Yes I suppose I do

 

[patch36]

The law changed a few years back. You cannot effectively protect the income from being taken to pay for your own nursing home care with an immediate annuity. Be very careful with this. YMMV.

 

[moonlightandmargaritas]

You cannot effectively protect the income from being taken to pay for your own nursing home care with an immediate annuity.

Yes, but after your death occurs, there may be value left in the annuity (with the proper payout option) that can be left to beneficiaries...

 

[golfnut]

Well, I have a client that is being advised by an elder law attorney and he says they need an annuity that is 1. irrevocable 2. non assignable 3. actuarilly sound(life expectancy or less) 4. contains equal payments 5. proper beneficiary designations(state named as contingent beneficiary). They are saying a 5 year period certain payout will do it, but they have reviewed numerous speciman contracts and cannot find a fit. I was told by another agent that he thought Lincoln Financial SPIA would fit. I surfed the internet and saw a websire of an elder law attorney that specialized nationwide in this type of business and on his bio page it said he was a top producer for Lincoln Financial and Employees Life Company. Of course I would love to find something that helps the client and get paid for it! 800k
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I failed to mention his wife is the one requiring care. I understand this type of annuity placement can be done using a community spouse provision.

 

[Ichiban]

OM Fianncial offers some and Legacy Marketing Group offers one also. I am not sure who else offers them currently.

You really need someone familiar with the laws in your area. If you have a good Elder Law attorney or friend in the Medicaid office you may be able to get by. They can be administered differently in each state and even some counties treat them differently so look for someone local to advise you.

They still work in many places only differently in many places than what they did in the past...

 

[Todd King]

What state are we talking about anyway?

 

[golfnut]

NC

 

[Todd King]

NC changed some of the laws in 2007. What you stated above that you have been told is correct.

RBC also has one that might fit your situation.