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Medicaid Compliant Annuities
With the passing of the Deficit Reduction Act of 2005 (“DRA”), in order for an annuity to be considered “Medicaid Compliant”, the annuity must be irrevocable, non-assignable, actuarially sound, provide for equal payments, and name the State as the primary beneficiary to the extent of Medicaid benefits provided to the institutionalized individual.
In the case of an individual, I have found that a Stand Alone Medicaid Compliant Annuity (“MCA”) may not offer an economic advantage to the individual ...
The Deficit Reduction Act of 2005 (“DRA”) was signed into law on February 8, 2006. It is important to note that all transactions prior to February 8, 2006, will be grandfathered and processed under the old laws. It is my opinion that the most significant part of DRA relates to gifting. In light of DRA, and the limitations imposed by it, it is now more important than ever that individuals consider purchasing Long-Term Care (“LTC”) Insurance as a means to protect all of their ass ...
The Medicaid law provides special protections for the spouse of a nursing home resident to make sure he/she has the minimum support needed to continue to live in the community.
The so-called “spousal protections” work this way: if the Medicaid applicant is married, the countable assets of the community spouse and the institutionalized spouse are totaled as of the date of “institutionalization,” the day on which the ill spouse enters a hospital or a long-term care facility in which he or she the ...
In a typical husband and wife situation, whereby one of the parties has entered a nursing home and needs to qualify for Medicaid benefits, what happens if the community spouse has an IRA account in excess of $104,400.00?
Unlike the states of California, Florida, Kentucky, Mississippi, New York, Pennsylvania, and Wisconsin, where a community spouse's IRA account may be a protected resource, in the other states the community spouse may not have any choice but to convert the excess IRA funds into ...
As a result of the Deficit Reduction Act of 2005, and in the case of an individual - no community spouse, the most popular Medicaid Crisis Plan involves a Gifting/Short-Term Medicaid Compliant Annuity (which has also been referred to a “Half-A-Loaf Plan”).
Within such a plan, the potential Medicaid applicant/recipient is advised to gift away approximately 1/2 of his or her spend-down amount, while using the other half to fund a Short-Term Medicaid Compliant Annuity. With the gift amount c ...
With 2007 being a very successful year for Krause Financial Services, I would like to briefly outline the two techniques used in most of our Medicaid Compliant Annuity (“MCA”) sales:
In the individual cases - no community spouses, the respective elder law attorney developed a Gifting/Short-Term Medicaid Compliant Annuity Plan (“the Plan”) for his or her client. The Plan included an immediate gift amount, as well as a Short-Term MCA. The goals of the Plan were to make the Medicaid recipient imme ...
With the Deficit Reduction Act of 2005 (DRA '05) having eliminated the stand alone Medicaid Compliant Annuity as a viable Medicaid planning opportunity for an individual faced with a long-term nursing home stay, what reasonable Medicaid planning option exists for that individual? In the majority of states, the individual will proceed with a Gifting/Short-Term Medicaid Compliant Annuity (“MCA”) Plan (“the Plan”). How does the Plan work?
The Plan works because the individual will simultaneously m ...
Lump-Sum Balloon Style Medi-Cal Compliant Annuities – Still a Viable Planning Tool
With California not having yet adopted the annuity provisions outlined in the Deficit Reduction Act of 2005*1, which eliminated the use of a Lump-Sum Balloon Style Medi-Cal Compliant Annuity, you should know that your clients still have time to act!
To help you understand how to utilize a Lump-Sum Balloon Style Medi-Cal Compliant Annuity, assume that Alice Smith, an 85 year old widow, is a custodial care r ...
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