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What is a Medicaid friendly Single Premium Immediate Annuity?

A Medicaid friendly immediate annuity will meet the Social Security Life Expectancy tables and it is irrevocable.
These two factors are critical in determining what happens to the annuity value and benefits should you become confined to a nursing home.

Proper planning allows individuals and families to maximize the benefits available for their individual circumstances.  Such as, planning for a long life and leaving some assets to heirs are two very important goals that Medicaid friendly annuities help you reach.  This is simply a way to take full advantage of current laws when making financial decisions.  Please note that not all annuities are alike and not all annuities are Medicaid friendly. Make sure you ask a lot of questions and be precise in indicating that you are interested in a Medicaid friendly annuity.

An annuity that is Medicaid friendly if it is in  compliant with OBRA '93 and the HCFA Transmittal No. 64, which basically means it is actuarially sound.  Since Medicaid is a joint federal/state program, each individual state has its own requirements.  By buying the right annuity, you are in compliance with both federal and state regulations.