Medical Assistance for Long-Term Care Services

2.4.1.4 Annuities

An annuity is a purchase contract where the purchasing party generally pays a lump sum of money or periodic payments to an entity issuing the annuity (a bank or insurance company) in return for an expectation of future regular payments in certain amounts. See Medical Assistance for People Who Are Age 65 or Older and People Who Are Blind or Have a Disability (MA-ABD) Annuities for more information.

Several different policies may apply to the evaluation of annuities.

1. MA-ABD Burial Contracts

2. MA-LTC Other Asset Transfer Considerations

3. MA-LTC Asset Assessment

4. MA-LTC Annuity Disclosures

5. MA-LTC Naming DHS a Preferred Remainder Beneficiary

Published:  June 1, 2016

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