Indiana Administrative Code
Title 405 - OFFICE OF THE SECRETARY OF FAMILY AND SOCIAL SERVICES
Article 2 - MEDICAID MEMBERS; ELIGIBILITY
Rule 3 - Eligibility Requirements Based on Need; Aged, Blind, and Disabled Program
Section 3-1.2 - Annuities
Current through March 20, 2024
Authority: IC 12-15-1-10
Affected: IC 12-15-4
Sec. 1.2.
(a) For purposes of this section, "annuity" means a policy, certificate, contract, or other arrangement between two (2) or more parties whereby one (1) party pays a lump sum of money or other valuable consideration to the other party in return for the right to receive payments in the future and shall include any similar financial instrument, as may be specified by the Secretary of Health and Human Services. An annuity not purchased from an entity described in subsection (b) will be considered a transfer for inadequate consideration.
(b) The purchase of an annuity, any instrument purporting to be an annuity, or any other arrangement that meets the definition of an annuity in subsection (a) shall be considered an uncompensated transfer of assets resulting in a penalty under section 1.1 of this rule unless the annuity is purchased from one (1) of the following:
(c) An annuity described in subsection (a) is not an asset for purposes of section 1.1 of this rule if:
(d) An annuity shall be treated as a transfer of property for less than fair market value under section 1.1 of this rule unless:
(e) Individual retirement accounts (IRAs), Keogh Plans, 401K Plans, pensions, annuities, and other work related plans are considered retirement accounts and are an available resource to an individual if there is an option of withdrawing an amount for any reason, even though the member may not yet be eligible for periodic payments unless: