The Use of Immediate Annuities in Medicaid Planning for Married Couples
In Massachusetts, immediate annuities are often used to protect the spouse of a nursing home resident who applies for MassHealth. (MassHealth is the term used to describe the Medicaid program in Massachusetts. ) These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income. To qualify for Medicaid, a nursing home resident must become impoverished under Medicaid's complicated asset rules. In Massachusetts, this means t