2-009.07A6c(2) Annuity Transaction On or After February 8, 2006

469 NAC 2-009.07A6c(2)

Revocable and assignable annuities are a countable resource. A saleable annuity which has not been sold is a countable resource for the amount annuitized, less the payment(s) amount already received. A saleable annuity which has been sold for a value consistent with the secondary market is a countable resource in the amount of the proceeds. If a saleable annuity is sold for less than a value consistent with the secondary market, it will be valued at the current secondary market amount and the difference will be subject to deprivation of resources regulation.

Transaction is defined as purchase of an annuity changing the beneficiary or authorizing the commencement of the pay out period (annuitizing).

See 469 NAC 2-009.10B for long term care services that are subject to deprivation of resources provisions.

Individuals receiving Medicaid are notified on the application and redetermination forms of the remainder beneficiary requirement. The annuity verification form notifies the company of the remainder beneficiary requirement.

{2/14/2009}

2-009.07A6c(2)(a) Annuities Excluded from Resources

2-009.07A6c(2)(b) Deprivation of Resources for Annuity Transactions