South Carolina uses its own life expectancy table.

ANNUITY RULES

According to the South Carolina Department of Health and Human Services Medicaid Manual, section 304.12 entitled Annuities:

1. The Deficit Reduction Act of 2005 made many changes concerning annuities created on or after February 8, 2006:

a. The purchase of an annuity may be treated as a disposal of an asset for less than fair market value unless the SC Department of Health and Human Services is named as the primary remainder beneficiary for at least the total amount paid by Medicaid for long-term care services, or is named as such a beneficiary after the community spouse and/or minor or disabled child.
b. An annuity may be treated as a disposal of assets for less than fair market value unless it is irrevocable and non-assignable, actuarially sound, and provide for payments in equal amounts during the term of the annuity, with no deferral and no balloon payments.

Learn more by visiting the South Carolina Medicaid Policy and Procedures Manual.

Print