Alaska uses the life expectancy tables published by the Office of the Actuary of the Social Security Administration, here.

ANNUITY RULES

According to the Alaska Department of Health and Social Services Medicaid Manual, sections 7 AAC 100.514 entitled Annuities:

1. For purposes of determining whether to impose, under 7 AAC 100.510, a transfer-of-asset penalty, the department will consider the purchase of an annuity to be a transfer of an asset for less than fair market value unless the annuity:

i. Is an annuity described in 26 U.S.C. 408(b) or (q);
ii. Is irrevocable and non-assignable;
iii. Is actuarially sound in accordance with the United States Social Security Administration, Office of the Chief Actuary’s Period Life Table 2002, revised as of June 27, 2006, and adopted by reference;
iv. Provides for equal monthly payments during the term of the annuity, with no deferral or balloon payments;
v. Is purchased commercially;
vi. Names the Medicaid recipient as the primary beneficiary, or the recipient’s spouse if part of a transfer under 7 AAC 100.506; and
vii. Names the state as remainder beneficiary

1. in the first position for at least the total amount of medical assistance paid by the department on behalf of the annuitant; or
2. in the second position, after the recipient’s community spouse, minor child, or disabled child named in the first position, if the community spouse or child disposes of any remainder for less than fair market value.

To learn more, visit the Alaska Department of Health and Social Services.

Click here for Alaska Desk Reference PDF

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