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

ANNUITY RULES

According to the Oregon Department of Human Services Medicaid Manual, section 461-145-0022 entitled Annuities:

1. The annuity must comply with one of the following paragraphs:

a. The first remainder beneficiary is the spouse of the client, and in the event that the spouse transfers any of the remainder of the annuity for less than fair market value, the Department is the second remainder beneficiary for up to the total amount of medical benefits paid on behalf of the client.
b. The first remainder beneficiary is the annuitant’s child, and in the even that the child or a representative on behalf of the child transfers any of the remainder of the annuity for less than fair market value, the Department is the second remainder beneficiary for up to the total amount of medical benefits paid on behalf of the client.
c. The first remainder beneficiary is the Department for up to the total amount of medical benefits paid on behalf of the client.

i. The annuity must be irrevocable and non-assignable.
ii. The annuity pays principal and interest out in equal monthly installments within the actuarial life expectancy of the annuitant. The actuarial life expectancy is established by the Period Life Table of the Office of the Chief Actuary of the Social Security Administration.

The equity value of an annuity purchased with funds from a retirement plan is excluded as a resource if it meets the payout requirements of OAR 461-145-0022(10)(c). Otherwise, the equity value is counted as a resource. OAR 461-145-0022(10)(c) requires an annuity to be actuarially sound. (OAR 461-145-0380(2)(b))

For transactions (including the purchase of an annuity) occurring on or after July 1, 2008, the payout period must be within 12 months of the actuarial life expectancy. (OAR 461-145-0022)

Visit the Oregon Department of Human Services to learn more.

Print