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Medicaid and Annuity

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  • Baltimore, MD
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    IF A PERSON IS ON MEDICAID, 65 AND HANDICAPPED and find an annuity in their name for 10,000 that can be cashed , what would happen to their Medicaid ?
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    Not sure, but I would deposit the annuity into my savings account through direct deposit, and if you are required to use any of it to pay for any occuring medical bills, then it would be wise to do so as not to cause any problems with your Medicaid funding. It's not that large a sum of money that your Medicaid funding would be cancelled.