Aug 20, 2011 11:07:37 AM / by The Retirement Group (800) 900-5867
Using Immediate Annuities for Medicaid Planning
An immediate annuity is a contract with an insurance company that gives the owner the right to receive periodic payments for a specified period of time (or for life) in return for one or more premium payments. An immediate annuity may help you qualify for Medicaid and preserve assets for your spouse by converting a lump sum of cash that is a countable resource into an income stream.
Caution: Guarantees are subject to the claims-paying ability of the annuity issuer.
Variations from State to State
How Is It Implemented?
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