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Other Annuities
Follow the treatment for Other Annuities for all annuities that meet the following criteria:
- Purchased prior to 8/11/93
- Containing periodic payment plans different from those described above
- Purchased with property belonging to someone other than the MC applicant, recipient, or his/her spouse
- Established by will.
Treatment of Other Annuities
Other Annuities are treated as follows:
- The cash surrender value or balance of an annuity is considered unavailable only when the individual is:
- Receiving periodic payments of interest and principal, or
- Taking steps to receive periodic payments of interest and principal. The client must be taking all the necessary steps in a timely manner and be providing verification as requested by the county.
- Periodic payments are treated as available income.
- A cash lump sum payment is considered property.
- When payments are deferred at any time while the individual is an MC applicant or recipient, the cash surrender value (CSV) of the annuity is considered available and must be included in the property reserve.
Undue Hardship
There are no undue hardship provisions for Other Annuities.
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