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

ANNUITY RULES

According to § 359.3 of the New York Medicaid Reference Guide, for annuities purchased by the applicant/recipient or the applicant/recipient’s spouse on or after February 8th, 2006, the State must be named as a remainder beneficiary in the first position for at least the amount of Medicaid paid on behalf of the institutionalized individual. In cases where there is a community spouse or minor or disabled child of any age, the State must be named the remainder beneficiary in the second position or named in the first position if such spouse or representative of such child disposes of any such remainder for less than fair market value.

In addition, if an annuity is purchased by or on behalf of an applicant/recipient, the purchase will be treated as a transfer of assets for less than fair market value unless the annuity is:

1. An annuity described in subsection (b) or (q) of Section 408 of the Internal Revenue Code of 1986; or
2. Purchased with the proceeds from an account or trust, described in subsection (a), (c), or (p) of Section 408 of such Code; a simplified employee pension (within the meaning of Section 408 (k) of such Code); or a Roth IRA described in Section 408A of such Code; or
3. The annuity is:

a. Irrevocable and non-assignable;
b. Is actuarially sound (as determined in accordance with actuarial publications of the Office of the Chief Actuary of the Social Security Administration); AND
c. Provides for payments in equal amounts during the term of the annuity with no deferral and no balloon payments made.

Learn more about the Transfer of Assets Regional Rates.

ANNUITY DECISIONS

• Entz v. Reed
• Virginia Entz v. Kelly Reed, Commissioner, Monroe County Department of Human Services, et al

PARTIAL CURE DECISION

• Weiss v. Suffolk County Dept. of Social Services

PERSONAL SERVICES CONTRACT DECISION

• Warren Kerner v. Monroe County Department of Human Services and New York State Department of Health

Visit New York’s Medicaid Reference Guide to learn more.

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