Page 205

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

205 a. A revocable or irrevocable annuity established on or before June 30, 1995 is not a countable resource if it is annuitized and regular returns are being received by the annuitant. i) Payments from the annuity to the individual or individual’s spouse are income in the month received. b. A revocable or irrevocable annuity established on or before June 30, 1995 is a countable resource if it has not been annuitized. 3. Annuities Established on or after July 1, 1995 but before February 8, 2006 a. The purchase of an annuity shall be considered to be a transfer without fair consideration unless the following criteria are met: i) The annuity is purchased from a life insurance company or other commercial company that sells annuities as part of its normal course of business; ii) The annuity is annuitized for the individual or individual’s spouse; iii) The annuity is purchased on the life of the individual or individual’s spouse; and iv) The annuity provides payments for a period not exceeding the annuitant’s projected life expectancy based on life expectancy tables described at 8.100.7.J. b. To determine if a transfer without fair consideration has occurred in the purchase of an annuity, the Eligibility Site shall: i) Determine the date on which the annuity was purchased; ii) Determine the amount of money used to purchase the annuity and the length of the annuitization period; iii) Determine the age of the annuitant at the time the annuity was purchased; and