208.212. Annuities, affect on Medicaid eligibility — rulemaking authority.
369 words·~2 min read·
/mo/chapter-208/208-212A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
208.212. Annuities, affect on Medicaid eligibility — rulemaking authority. — 1. For purposes of MO HealthNet eligibility, the stream of income from investment in annuities shall be excluded as an available resource for those annuities that:
(1)Are actuarially sound as measured against the Social Security Administration Life Expectancy Tables, as amended;
(2)Provide equal or nearly equal payments for the duration of the device and which exclude balloon-style final payments;
(3)Provide the state of Missouri secondary or contingent beneficiary status ensuring payment if the individual predeceases the duration of the annuity, in an amount equal to the MO HealthNet expenditure made by the state on the individual's behalf; and
(4)Name and pay the MO HealthNet claimant as the primary beneficiary.
2. The department shall establish a sixty month look-back period to review any investment in an annuity by an applicant for MO HealthNet benefits. If an investment in an annuity is determined by the department to have been made in anticipation of obtaining or with an intent to obtain eligibility for MO HealthNet benefits, the department shall have available all remedies and sanctions permitted under federal and state law regarding such investment. The fact that an investment in an annuity which occurred prior to August 28, 2005, does not meet the criteria established in subsection 1 of this section shall not automatically result in a disallowance of such investment.
3. The department of social services shall promulgate rules to administer the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010 , that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028 . This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2005, shall be invalid and void.
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(L. 2005 S.B. 539, A.L. 2007 S.B. 577)