Section 208.212

Title XII PUBLIC HEALTH AND WELFARE

Chapter 208

Effective - 28 Aug 2005, 2 histories, see footnote   (history) 

  208.212.  Annuities, affect on Medi-caid eligibility — rulemaking authority. — 1. For purposes of Medicaid eligibility, investment in annuities shall be limited to those annuities that:

  (1) Are actuarially sound as measured against the Social Security Administration Life Expectancy Tables, as amended;

  (2) Provide equal or nearly equal payments for the duration of the device and which exclude balloon-style final payments; and

  (3) Provide the state of Missouri secondary or contingent beneficiary status ensuring payment if the individual predeceases the duration of the annuity, in an amount equal to the Medicaid expenditure made by the state on the individual's behalf.

  2. The department shall establish a sixty month look-back period to review any investment in an annuity by an applicant for Medicaid benefits. If an investment in an annuity is determined by the department to have been made in anticipation of obtaining or with an intent to obtain eligibility for Medicaid benefits, the department shall have available all remedies and sanctions permitted under federal and state law regarding such investment. The fact that an investment in an annuity which occurred prior to August 28, 2005, does not meet the criteria established in subsection 1 of this section shall not automatically result in a disallowance of such investment.

  3. The department of social services shall promulgate rules to administer the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2005, shall be invalid and void.

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(L. 2005 S.B. 539)