What is a Qualified Action?
A qualified action is a voluntary action taken on an annuity that creates or changes the annuity contract. Look at the list of qualified actions found on the Annuity Transactions (PDF) handout.
Qualified actions include, but are not limited to:
- Purchasing or annuitizing an annuity.
- Making unscheduled premium payments.
- Changing the distribution of payments.
- Changing the owner, annuitant, payee or beneficiary of the annuity.
All of these actions change the annuity contract in some way.
More information about annuity transactions and the actions that subject the annuity to the additional MA-LTC requirements can be found in the MN Health Care Programs Eligibility Policy Manual.
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Annuity Transactions