Medicaid-compliant annuities can be an important tool for financial planning when facing the difficult task of caring for a loved one’s health needs. These annuities are a single premium immediate annuity (SPIA) that are are modified to meet the strict requirements of Medicaid and may provide you critical financial resources to help pay for the healthcare cost.
To qualify for Medicaid, a Federal program administered by each state, you must meet stringent income and asset requirements. These requirements may be complicated, are state-specific, and require a detailed application process to qualify. We highly recommend consulting with an elder law attorney with experience in those situations before and during the Medicaid application and planning process. Medicaid qualifications.
