How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Taxtom Your Own Question
Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
21049508
Type Your Finance Question Here...
Taxtom is online now
A new question is answered every 9 seconds

what is the value and differences between medicaid annuity

Resolved Question:

what is the value and differences between medicaid annuity and regular medicaid?
Submitted: 5 years ago.
Category: Finance
Expert:  Taxtom replied 5 years ago.

Taxtom :

Hello, A Medicaid Annuity comes about for people who are expected be a nursing home for long period of time. A Medicaid Annuity takes your assets and transfers them third part insurance company and gives you a lifetime monthy payment. This asset does not count against liquid assets limit of $2,000 and then Medicaid will step in a pay the difference between your monthy payment and the cost of care. If you later don't need nurrsing home care you will receive the monthy payments but will never be able access the principle investment for any reason. Regular medicaid makes you spend down all of your assets until you have less than $2,000 before Medicaid helps you with your medical cost, in most states a home can be exempted from the asets. Advantages are if you end up spending a shorter time in the nursing home than expected you will receive benefit of your assets for the remainder of your life instead up spending all of your assets out at the beginning of your illiness leaving no assets when you get of the nursing home. Thanks Tom Please click accept.

Taxtom and other Finance Specialists are ready to help you