This article is a section taken from MA for Long-Term Care Services (MA-LTC) a part of the revisions and additions to the Minnesota Health Care Program Eligibility Policy Manual.
An annuity is a purchase contract where the purchasing party generally pays a lump sum of money or periodic payments to an entity issuing the annuity (a bank or insurance company) in return for an expectation of future regular payments in certain amounts. See Medical Assistance for People Who Are Age 65 or Older and People Who Are Blind or Have a Disability (MA-ABD) Annuities for more information.
Several different policies may apply to the evaluation of annuities.
CREDIT: The content of this post has been copied or adopted from the Minnesota Healthcare Programs Eligibility Policy Manual, originally published by the Minnesota Department of Human Services.
This is also part of a series of posts on Minnesota Healthcare Eligibility Policies.