Step 2a – Annual Payment Amount

<%@LANGUAGE="JAVASCRIPT" CODEPAGE="65001"%> Step 2a – Annual Payment Amount

Annuities and MA-LTC

Reporting and Verification

Annuity Transactions

MA-LTC Annuity Requirements

Designating DHS as the PRB

Requirement Conditions

Designation Process

Designation Activity

Transfer Evaluation

Requirement Conditions

Evaluation Method

Actuarially Sound Determination

Transfer Evaluation Activity

Step 2a – Annual Payment Amount

In Step 2a you determine the annuity’s annual payout. To determine this figure multiply the payment amount by the number of times the payment will be received in a year.

Stephanie is requesting MA-LTC. She is the owner and payee of an immediate annuity she purchased 13 months ago when she was 63 years of age. The cash value of annuitized funds was $82,000. Stephanie receives a $500 payment each month, which she has already received for 12 months, and will continue to receive for the rest of her life.

Determine $6,000 to be the annual payment amount from Stephanie’s annuity. (12 months X $500/month).

Page 4

Transfer Evaluation - Actuarially Sound Determination

«Back | Next»

Updated December 22, 2022.
Copyright © 2011 Health Care Eligibility and Access (HCEA).