An annuity is where we turn our assets into stead streams of income.
We give the insurance company money, and they give us a contract that says they will give you X amount a month for X amount of months.
There are several different type of annuities that can be done.
We use these annuities for emergencies, such as long term nursing home care.
For people to qualify for Medicaid, their income has to be under a certain dollar amount.
Unfortunately, this isn't the type of thing where we can go to our life insurance agent and say, "I need a Medicaid compliant annuity."
They wouldn't know what that is, necessarily.
Hope this is helpful to you!