18. If I purchase an annuity or
IRA's, do I need LTC insurance? The Department of Social Services has determined that when an individual's assets are reduced to an amount where they would become eligible for Medicaid will be subject to a five-year look-back period. In other words, an annuity created within five years of applying for Medicaid will be deemed an ineligible transfer of assets; and the individual will be denied Medicaid coverage for a period of time determined by the amount transferred into the annuity. |