I am the owner of the two annuities with my husband as beneficiary. If he goes into a skilled nursing home, are these docs to be reported under our combined assets (or are they protected)? What is the allowable assets to be kept by me besides my IRA's. What about my life insurance policies?
Most of the postings on this site are dealing with an widow or widower who goes into a NH & Medicaid, but for you there is a whole different application process. If you yourself do not need a NH, you are considered the "community spouse" for Medicaid. You do not have to impoverish yourself for hubby to get Medicaid. You are fully expected to keep enough money to remain in the community. Just what the amount is for CS depends on the state and some annuities / investments are excluded from the tally. You as the CS can apply for MMNA - monthly maintenance needs allowance if you need some of hubby's income to stay living in the community. there are other issues that are different for when there is a CS. But the key is that whatever you do financially have to be done BEFORE hubby applies. Really there is a lot of details and having good legal go over your options will be well worth it.
For example, you all have done what most couples do in naming each other as their beneficiary. This makes total sense when you are younger. But now if hubby goes onto Medicaid, you do not want him to be the beneficiary any more. You don't want him to possibly inherit any funds that would stop his Medicaid