Nov 19, 2014 - 01:30 PM
The VA financial assessment considers funds received from an annuity as unearned income that can be used as a resource to pay for the costs of care. The same would be true if your mother was applying for Medicaid assistance. The best way to look at it is to consider if the annuity had not been purchased. The cash in her bank account would be considered as part of her net worth and could have put her over the eligibility threshold for benefits. Shifting the cash to an income stream does not protect it from consideration as funds available for care expenses.
Mar 31, 2015 - 11:19 AM