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

ANNUITY RULES

According to South Dakota Administrative Code 67:46:05:54 entitled Treatment of Annuities:

The department shall treat an annuity as a resource countable toward the resource limit established in § 67:46:05:30. If the fair market value of the annuity does not cause ineligibility under § 67:46:05:30, the department considers the purchase of an annuity by or on behalf of an applicant or recipient after February 7, 2006, to be a transfer of an asset for less than fair market value unless it meets the requirements of 42 U.S.C. § 1396p(c)(1)(G), as amended to August 1, 2006, and one of the following additional requirements:

(1) The department is named as the remainder beneficiary in the first position for at least the total amount of medical assistance paid on behalf of the annuitant; or
(2) The state is named as the remainder beneficiary in the second, third, or fourth position after the non-institutionalized spouse or a minor or disabled child and the state is named in the first position if the spouse or child, or their representative, disposes of any such remainder for less than fair market value.

The department considers the purchase of an annuity by or on behalf of a community spouse after February 7, 2006, to be a transfer of an asset for less
than fair market value unless it meets subdivision (1) or (2) of this section.

Visit the South Dakota Department of Social Services to learn more.

Print