Annuity Medicare / Medicaid Question

dragan · 08-31-2009, 09:42 AM

Are there any annuities that are exempt from Medicare / Medicaid look backs?

If there are how do they work?

Thanks in advance for your assistance

insuranceexec · 08-31-2009, 11:15 AM

Originally Posted by dragan

Are there any annuities that are exempt from Medicare / Medicaid look backs?

If there are how do they work?

Thanks in advance for your assistance

Did you ever go to work for NYL? If so, they will have the answer for you.

If not, check this out.

ElderLaw Answers

dragan · 08-31-2009, 03:15 PM

I decided not to because of the pre-requirements to become an employee.

Thanks for the link

Charpress · 08-31-2009, 06:16 PM

In my state, actuarialy sound annuities were counted as an asset, then not counted, then counted but then state Medicaid was sued and lost so certain classes of annuities were once again not counted as an asset. So it may depend on the whims of legislators and bureaucrats at any given point in time and in any given state out of 50.

Point is, this is a minefield. What is OK today may not be OK tomorrow. Remember when the idiots in Congress made it ILLEGAL to even discuss this stuff and Janet Reno said she was "not going to enforce" laws against telling people what their legal rights were regarding Medicaid eligibility? I told people it is a moving target and that today's 3-year look back would likely be extended without grandfathering any annuities in. Uh, I could have been a fortune teller. Now I tell people that "today's 5-year look back, etc."

With the current administration, do you think a lot of this stuff might be coming back?

Either forget Medicaid related advice or up your E&O 200%.

GonnaFlyNow · 08-31-2009, 11:18 PM

The obama admin is only going to make the medicaid rules tougher. that's the whole point of 'healthcare reform'... im' sorry, i misspoke, i mean 'health insurance reform'.

They want to CUT costs. they're not going to make it easier to have medicaid pay for long term care. they'll make it tougher.

InsureGuy5 · 09-01-2009, 11:00 AM

Originally Posted by GonnaFlyNow

the obama admin is only going to make the medicaid rules tougher. that's the whole point of 'healthcare reform'... im' sorry, i misspoke, i mean 'health insurance reform'.

They want to CUT costs. they're not going to make it easier to have medicaid pay for long term care. they'll make it tougher.

There is really no good way to beat the system and like other said, the rules and regs are just going to get tougher.