Previously, the purchase of an Annuity by a married couple after the date the spouse needing long term care entered a nursing home, hospital or other institution but before the Medicaid eligibility determination date, was treated as an improper transfer if the purchase price was above the amount permitted to be kept by the healthy spouse. New Medicaid rules allow for the purchase of an annuity above the amount customarily permitted to be kept by the healthy spouse during this window of time, as long as it meets Ohio Medicaid Annuity requirements.
Annuities can be a wonderful Medicaid planning tool for the benefit of the healthy spouse as long as Ohio’s rules are followed carefully.
Contact a Cleveland Medicaid Planning Lawyer to learn more about using annuities as a Medicaid planning tool. Never purchase an annuity for Medicaid planning purposes without consulting with a Medicaid planning lawyer. Annuities that do not meet Ohio’s rigid requirements will be treated as an improper transfer and will result in a period of ineligibility for the otherwise eligible spouse.