Ohio Administrative Code
Title 5160:1 - Eligibility
Chapter 5160:1-3 - Medicaid for the Aged, Blind, or Disabled (ABD)
Section 5160:1-3-05.3 - Medicaid: annuities

(A) This rule describes the treatment of annuities for the purposes of determining eligibility for medical assistance.

(B)Definition. An "annuity" provides fixed, periodic payments, either for life or a term of years. When an individual purchases an annuity, he or she generally pays the entity issuing the annuity a lump sum of money, in return for which the issuing entity promises regular payments in a specified amount to the individual or designated beneficiary. These payments may continue for a fixed period of time or for the lifetime of the individual or designated beneficiary. The annuity typically contains a remainder clause under which, if the annuitant dies, the contracting entity converts whatever is remaining in the annuity into a lump sum and pays it to a designated beneficiary.

(C) Treatment of annunities in the determination of eligibility for medical assistance.