Wyoming uses its own life expectancy table.
According to Wyoming’s State Plan under Title XIX of the Social Security Act:
1. A commercial (non-employment related) annuity purchased by or for an individual using that individual’s assets will be considered an available resource unless it meets the following criteria. The annuity:
a. Is irrevocable.
b. Pays out principal and interest in equal monthly installments (no balloon payment) to the individual in sufficient amounts that the principal is paid out within the actuarial life expectancy of the individual as published by the Office of the Chief Actuary of the Social Security Administration. The average number of years of expected life remaining for the individual must equal or exceed the stated life of the annuity.
c. Names the State of Wyoming, Department of Health, Office of Health Care Financing, as the residual beneficiary of funds remaining in the annuity, not to exceed any Medicaid funds expended on the individual during his lifetime, unless there is a community spouse and/or a minor or disabled child, then the State of Wyoming can be named as the secondary beneficiary; and
d. Is issued by an insurance company licensed and approved to do business in the State of Wyoming.
Visit the Wyoming Department of Health website to learn more.
Wyoming Desk Reference
|Divestment Penalty Divisor||$6,955.00|
|Individual Resource Allowance||$2,000.00|
|Monthly Personal Needs Allowance||$50.00|
|Community Spouse Resource Allowance||$119,220.00|
|Monthly Maintenance Needs Allowance||$2,981.00|
|Resource Allowance for a Couple (Husband and Wife both reside in a facility)||$3,000.00|
|Last Updated||January 19, 2016|