Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 7, 2021

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The Brief

  • There are only a few life insurance companies that sell Medicaid-compliant annuities
  • Companies that offer Medicaid annuities include Allstate, MetLife, and Nationwide
  • If you are considering purchasing a Medicaid annuity, you need to speak to a professional, such as an elder law attorney

If you are over the age of 65 and have a spouse who is in a nursing home, about to enter a nursing home, or needs long-term care, you may want to know more about life insurance companies that sell Medicaid qualified annuities.

Medicaid annuities can be extremely complicated, so you should not tackle this issue alone. Instead, find an expert to help you and your spouse feel confident in your decisions.

In some ways, a Medicaid annuity is similar to a life insurance death benefit. Both are intended to protect you or your loved ones financially if the absolute worst happens.

There are not many Medicaid-compliant annuity companies. However, there are a few companies that may be able to help you with a Medicaid annuity.

Using a Medicaid annuity calculator, a professional may be able to help you figure out exactly what you can expect. They can also get you started with the Medicaid annuity process.

If you are looking for affordable life insurance that includes Medicaid annuities, you may need to do a good bit of research to find the right company.

You can search online for life insurance quotes for Medicaid annuities or speak to different life insurance agents to see your options.

Be sure to use our free tool above to find life insurance companies that sell Medicaid annuities.

What are the best life insurance companies that sell Medicaid qualified annuities?

Though many people may want to purchase a Medicaid annuity, not many life insurance companies offer the option.

The life insurance companies that do offer Medicaid annuities include:

  • Allstate
  • Allianz Life
  • ELCO Mutual Life & Annuity
  • Genworth Financial
  • Nationwide
  • MetLife

If you have a current life insurance policy with any of the companies listed above, start your search for a Medicaid-compliant annuity there.

There are plenty of life insurance companies that don’t sell Medicaid-qualified annuities. Unfortunately, these companies will not be of any help to you when it comes to protecting your assets in this scenario.

Before you buy life insurance with Medicaid annuities from any specific company, be sure to do your research to figure out what would work best for you. Make sure the annuity you purchase meets the Medicaid requirements.

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What is a Medicaid-qualified annuity?

A Medicaid-compliant annuity is a limited and time-specific annuity that married couples can use if one spouse has to enter or has already entered a nursing home or long-term care facility.

With a Medicaid annuity, the spouse who lives at home can purchase an annuity using assets that would essentially otherwise have to be exhausted before Medicaid would help with any nursing home coverage.

Because of this specific type of annuity, the money does not count as income with regard to Medicaid policies. In some very specific cases, life insurance for elderly parents and individuals may already factor in an annuity or some other form of long-term care assistance.

A married couple would typically consider a Medicaid annuity as a last resort of sorts. This is especially true if the spouse who needs long-term care does not have nursing home insurance or long-term care insurance.

How can I get a Medicaid annuity?

If you are considering purchasing a Medicaid annuity, you need to enlist the help of someone who knows the ins and outs of the process.

An elder law attorney, for example, is up-to-date on all the rules and regulations. This individual would help you purchase an annuity that meets the requirements and is not subject to some sort of Medicaid annuity loophole.

Because each state has its own laws when it comes to a Medicaid-friendly annuity, it is always in your best interest to work with someone who understands all the rules.

The last thing you want is to purchase an annuity and find out that it won’t help you save your assets and income from Medicaid.

For example, if you have an elder law attorney helping you, that individual can have everything in place so that the annuity kicks in on the same day that your spouse enters a nursing home or long-term care facility.

Enlisting help may cost you a small amount, but it will help you so much in the long run.

Should I purchase a Medicaid annuity?

You are really the only person who knows for sure whether you should purchase a Medicaid annuity.

There are plenty of people who do not have long-term care insurance. If you have a good bit of money in savings, but you or your spouse get sick, you may watch your savings disappear in what feels like an instant because of the cost of a nursing home.

It is an unpleasant thing to think about, but it’s a good idea for you to prepare for the scenario just in case.

If you have insurance or coverage for long-term care, you likely will not need a Medicaid annuity. But if you don’t have any sort of protection or assistance for long-term care for yourself or your spouse, an annuity may be worth considering.

If you are looking for life insurance rates for Medicaid annuities, enter your ZIP code into our free tool below to get started.