Financial planning for retirement can be difficult, and it can be even more troublesome when dealing with the expenses of a spouse moving into a nursing home facility. This article discusses the Medical Assistance qualified annuity which is a planning tool that can be useful to someone whose spouse is already in a nursing home facility. This is a means-tested program in order for the institutionalized spouse to become eligible they may be required to spend down excess resources. “A Medical Assistance qualified annuity is an immediate annuity that is basically a contract between an individual and an insurance company by which the individual pays a sum of money and the insurance company sends the individual a fixed monthly check for the rest of that individual’s life or for a period of time less than that individual’s life.”
See Julian Gray and Frank Petrich, Elder Law Guys: Planning finances when spouse moves to nursing facility, Pittsburgh Post-Gazette, April 25, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
