Looking down the line for my mother...I am hoping she will qualify for Medicaid for a nursing home in the next 6 years since she does not have enough to pay for that herself. Her income consists of social security (about $700 per month) and a monthly check from a lifetime annuity she purchased 10 years ago with IRA money. She gets about $1800 per month for that. I am worried that will put her over the income limit to qualify for Medicaid. Can she "assign" her social security check to Medicaid so that she can qualify? Or can she "assign" her annuity check to Medicaid to qualify? She will have very little in assets in 6 years.
https://www.agingcare.com/search.aspx?searchterm=Miller%20trust
But the income source for the Miller needs to be considered “qualified” in order to be eligible for a Miller, AND, it needs to be Medicaid compliant in order for it to be an allowed asset. SS and federal retirements are. But Determining if this specific annuity can do both & without penalty really needs an elder Law atty who works with a financial advisor to figure out.
I’d really suggest you look into finding out if this annuity could work soon. Cause if it doesn’t, Mom may want to take out the maximum minimum allowed each year without penalty on that annuity and use the $ to pay for things now that will benefit her later. Like dental work, a fully paid preneed funeral & burial.