Mississippi Administrative Code
Title 23 - Division of Medicaid
Part 103 - Resources
Chapter 6 - Annuities
Rule 23-103-6.3 - Calculating the Uncompensated Value of Annuities Purchased prior to 02/08/2006

Universal Citation: MS Code of Rules 23-103-6.3

Current through September 24, 2024

The transfer penalty period for the purchase of an annuity prior to 02/08/2006 is calculated based on the value of the payments that would be beyond the actuarial life expectancy of the annuitant.

A. Divide the purchase price of the annuity by the number of payout years. This equals the annual rate.

B. Use the life expectancy tables published by the Office of the Actuary of the Social Security Administration to determine the number of years the individual is expected to live.

C. Subtract the number of years from the number of payout years.

D. Multiply the difference by the annual rate. This is the uncompensated value.

Social Security Act §1917(c); Omnibus Reconciliation Act of 1993 (OBRA-93) § 13611 (Rev. 1993).

Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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