Insurance Article | Medicaid Friendly Annuities: Here Is The ProblemMore Than Articles

Medicaid Friendly Annuities: Here Is The Problem

If you are thinking about using an annuity to qualify for Medicaid, there are some things that you need to know. These are warnings that if you don't pay attention to, I am sure you will most likely either get disqualified at some future point or even never qualify in the first place.

First and foremost, if you are buying an annuity to potentially allow you to qualify you for Medicaid for some unknown future date (you don't currently have the need but may some point in the future), then don't even do it. The laws change all the time and whatever you do now may be invalid in the future. Until you are at the point that you need Medicaid, annuities are not the right way to do your future planning. Unfortunately, many annuity agents often tell their clients that an annuity is 'medicaid friendly' and that when they do need to qualify for medicaid in the future, this vehicle will help them. Again, you need to watch out for this because it is probably not true. Typically, and with only a few exceptions, the most effective time to plan for Medicaid with your annuities is at the time of the need.

With that said, if you are at the point where you are in need of qualifying for Medicaid and are trying to do planning with annuities, you MUST utilize an EXTREME expert to do this. Let me tell you from experience, there are only a FEW (and I mean a few) people in this country who do the planning properly. If you do it with some annuity salesperson or banker you run some very serious risks. Unfortunately, I have seen it done the wrong way and when it is done the wrong way, it turns into a mess.

The bottom line is, if you need to qualify for Medicaid and want to use annuities to do so, you must get the right help and use a very qualified professional. There are many legal issues and ramifications to doing so, therefore, if it is done improperly it can mean more than just financial woes, but also some legal troubles.

Make sure you use a qualified professional and someone with a very established track record who is qualified in this arena. It is not good enough if they are a 'self-proclaimed' expert. Get some evidence and make sure they truly do have the proper credentials to help you.

About the Author

So, if you do want more information on or to seek professional help with medicaid annuities, please visit The AnnuityMD MD.com Medicaid Annuity Help Center. Tony Bahu is author of the controversial book, 'Annuities: The Shocking Truths Revealed' which can be found at AnnuityMD.com.

Author Profile: tonybahu

Other Insurance Articles