Georgia does use its own life expectancy table.

ANNUITY RULES

According to the Georgia Department of Community Health Medicaid Manual, section 2339 entitled Annuities;

1. Effective with annuities purchased on or after 2/8/06, the State of Georgia must be named as the remainder beneficiary of the annuity in the first position for the total amount of medical assistance paid on behalf of the individual receiving Medicaid.
2. If there is a community spouse and/or minor or disabled child(ren), the State may be named in the next position after those individuals. If that is the case and any of those individuals or their  representatives dispose of any of the remainder of the annuity for less than FMV, the State must then be named in the first position.

a. The MES will treat an irrevocable, non-assignable actuarially sound annuity that provides payments in approximately equal amounts, with no deferred or balloon payments as an asset, since they are marketable and can be sold.
b. However, annuities that have a qualified tax status according to the Internal Revenue Code (IRC) are not counted as assets. These include annuities purchased with proceeds from 401k, pension, 403b, or a qualified retirement plan.
c. Life expectancy is determined using the Social Security Administration’s life expectancy Actuarial Tables.

According to the Georgia Department of Community Health Medicaid Manual, section 2332 entitled Retirement Funds:

1. A retirement fund owned by an eligible individual is a countable resource if s/he has the option of withdrawing the fund as a lump sum, even if s/he is not eligible for periodic payments.
2. However, if the individual is eligible for and receives periodic payments which include a portion of the principal, the retirement fund is excluded as a countable resource.
3. To be eligible for ABD Medicaid, an individual must apply for periodic benefits. If s/he has a choice between periodic payments and a lump sum, they must choose the periodic payments.
4. If an ineligible spouse, parent or spouse of parent owns a retirement fund, the value is excluded as a countable resource.

ANNUITY DECISIONS

• Harbin v. Meadows
• Cook v. Bottesch

For more information please visit Georgia’s Department of Community Health website.

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