submitted by E. Garrett Gummer, III, Esquire, and Maureen L. Anderson, Esquire, www.GummerElderLaw.com
Recently, the United States Court of Appeals for the Third Circuit ruled that short-term annuities are a viable Medicaid planning tool for nursing home residents attempting to protect a portion of their resources and qualify for Medicaid benefits.
Many people believe that in order to qualify for Medicaid in a nursing home, you must deplete all of your resources. This is not correct. Medicaid annuities permit you and or/ your spouse to protect a significant portion of your resources.