Medicaid qualified annuities, or "Medicaid friendly annuities", are annuities that can sometimes be used by couples when one person in the couple enters a nursing home. One spouse is able to keep half their assets and the home he/she lives in, the other spouse must spend down the other half on nursing home care before becoming eligible for Medicaid. Rather than spend down those funds, the spouse entering the nursing home transfers the money to the other spouse, who puts it in an irrevocable, immediate annuity that is set to pay the at-home spouse an income up to the number of years left in his/her life expectancy.
Consult a knowledgeable elder law attorney in your state to see if this is allowed in your state, and to know all the pro's and con's before endeavoring to take out a Medicaid qualified annuity.
.JPG){kind=avatar}
Consult a knowledgeable elder law attorney in your state to see if this is allowed in your state, and to know all the pro's and con's before endeavoring to take out a Medicaid qualified annuity.