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The Deficit Reduction Act
A recent court case, Hutcherson v. Arizona Health Care Cost Containment System Administration ("AHCCCS"), brought a ruling down regarding the State's recovery rights as a beneficiary of a Medicaid Compliant Annuity. Within the decision:
"We hold that the 2006 amendment to 42 U.S.C. § 1396p(c)(1)(F)(i) creates a right in the State to recover as a remainder beneficiary against a community spouse's annuity for an institutionalized spouse's medical costs. We further hold that the St ...
Many elder law practitioners that utilize Medicaid Compliant Annuities in their planning are familiar with J.G. Wentworth proclaiming their ability to purchase any annuity - regardless of the provisions.
We all know that a Medicaid Compliant Annuity cannot be sold under any circumstances. The insurance company will refuse to honor any requests regarding change in ownership, annuitant, payee, or beneficiary. This is because a Medicaid Compliant Annuity is irrevocable and non-assign ...
"If a single person buys a Medicaid Compliant Annuity to provide income during a disqualification period, and the state Medicaid agency is designated as the primary beneficiary, what if the individual predeceases the annuity?"
This is an excellent question that I receive quite often in the Ask Dale forum. Krause Financial Services has a vast amount of experience with individuals predeceasing their Medicaid Compliant Annuities, and has worked with many states' Medicaid agencies in m ...
Does an annuity utilized in VA planning have to follow the same guidelines as that of an annuity utilized in Medicaid planning (i.e. irrevocable, non-assignable, zero cash value, etc.)? I hear this question quite often, which is completely understandable - the VA does not provide for specific annuity requirements, unlike Medicaid.
Notwithstanding the above, the VA program does not require that an immediate annuity contract be compliant with the Deficit Reduction Act of 2005 in order to ...
The majority of elder law attorneys are very familiar with the Deficit Reduction Act of 2005 ("DRA"); however, I have found that much confusion still surrounds the requirements regarding designating the state Medicaid agency as a beneficiary of a Medicaid Compliant Annuity.
While Krause Financial Services rarely experiences an annuitant predeceasing the term of his or her Medicaid Compliant Annuity, in the rare occurrence of a premature death, if the designation is not correct the result ...
The Ohio First District Court of Appeals has jumped on the bandwagon of improperly imposing a penalty period on a Medicaid applicant whose spouse purchased an annuity.
In the most recent case, Rorick v. Ohio Department of Job and Family Services, Mr. Rorick was admitted to a nursing home on May 29th, 2008, while Mrs. Rorick continued to reside in the community. At the time of institutionalization, the couple had combined resources of $74,224.61. On July 21st, 2008, Mrs. Rorick pur ...
In most states, the term "actuarially sound" means that the owner of an annuity must receive his or her investment back within his or her Medicaid life expectancy, as determined by that state's respective life expectancy table, or the life expectancy table published by the Chief Actuary of the Social Security Administration. In other words, the annuity can almost always be shorter than the owner's Medicaid life expectancy, but never longer.
Notwithstanding the above, three states have n ...
I have received several questions through the Ask Dale section regarding the applicability of the Deficit Reduction Act of 2005 ("DRA") provisions on an annuity purchased by a spouse of an institutionalized individual. While the language contained within 42 U.S.C.A. § 1396p(c)(1)(G) seems to apply only to the "annuitant who has applied for medical assistance," most post-DRA states apply the provisions also to an annuitant that is the spouse of an individual who has applied for medical as ...
With Krause Financial Services able to provide commercial Medicaid Compliant Annuities as short as 2 months, you may be asking yourself "How would my client EVER use such a tool?!" Such a short-term Medicaid Compliant Annuity is most often used in conjunction with a Gifting Plan, more commonly referred to as the Half-a-Loaf approach.
The goal of a Half-a-Loaf Plan is to allow the nursing home resident to give away approximately one-half of his or her spend-down amount, while retaining t ...
Many of the "Ask Dale" inquiries that I have received throughout the past week have been regarding the requirement of the beneficiary designations on Medicaid Compliant Annuities consisting of tax-qualified investments. At one time it was a federal rule that a state Medicaid agency was not required to be made a remainderman on annuities holding tax-qualified funds; however, this is no longer the case.
Most post-Deficit Reduction Act of 2005 ("DRA") states have dictated their own re ...
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