Condition 3

Annuities and MA-LTC

Condition 3

The third condition that must be met to evaluate an annuity using the annuity transfer evaluation process is that the annuity has been annuitized.

Definition: An annuity is annuitized at the time a settlement option (payment schedule is established) is chosen (payment schedule is established.)
Note: An annuity in the accumulation phase (no payments being received) does not meet this condition but must be evaluated to determine if all or part of the value of the annuity must be counted in the applicant’s asset total.

Example 1:

Justin, an MA enrollee requesting MA-LTC, is currently receiving income payments from the annuity he owns.

Action:

Determine that condition 3 is met. The annuity has been annuitized which we know because the settlement option has been chosen and Justin is receiving payments.

Example 2:

Kate is requesting MA and MA-LTC. Kate’s husband, William, has an annuity which is currently in the accumulation phase.

Action:

Determine that condition 3 is not met. William’s annuity has not been annuitized. Determine if the annuity is a counted asset.

Page 5

Transfer Evaluation - Requirement Conditions

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