Hawaii uses the life expectancy tables published by the Office of the Actuary of the Social Security Administration, here.
According to the Hawaii Administrative Rules § 17-1721-53 entitled Treatment of Annuities:
1. All funds used to purchase an annuity on or after February 8, 2006, by the individual or the individual’s spouse shall be considered transferred if the department is not named as a remainder beneficiary in the first position, or in a position behind the spouse and dependent child of the individual for the amount of medical assistance paid on behalf of the annuitant.
2. Funds used to purchase an annuity on or after February 8, 2006, by the individual or the individual’s spouse, or on behalf of the individual or the individual’s spouse, shall not be considered transferred if:
a. The annuity is considered:
i. An individual retirement annuity that meets the requirements of section 408(b) of the IRC; or
ii. A deemed IRA under a qualified employer plan under section 408(q) of the IRC; or
b. The annuity was purchased with proceeds from one of the following:
i. A traditional Ira under section 408(a) of the IRC;
ii. An account or trust which is treated as a traditional IRA under section 408(c) of the IRC;
iii. A simplified retirement account under section 408(p) of the IRC;
iv. A simplified employee pension under section 408(k) of the IRC; or
v. A Roth IRA under section 408A of the IRC; or
c. The annuity meets all of the following requirements:
i. Is actuarially sound as determined in accordance with actuarial publications of the Office of the Chief Actuary of the Social Security Administration;
ii. Is irrevocable and non-assignable; and
iii. Makes equal payments throughout the term of the contract and does not defer payments or allow balloon payments.
To learn more please visit Hawaii’s Department of Human Services website.
Hawaii Desk Reference
|Divestment Penalty Divisor||$8,850.00|
|Individual Resource Allowance||$2,000.00|
|Monthly Personal Needs Allowance||$50.00|
|Community Spouse Resource Allowance||$119,220.00|
|Monthly Maintenance Needs Allowance||$2,980.00|
|Resource Allowance for a Couple (Husband and Wife both reside in a facility)||$2,000.00 Each|
|Last Updated||January 7, 2016|