Page 207

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

207 MMMNA shall be considered to be a transfer without fair consideration in determining the institutionalized spouse’s eligibility. This applies only to the extent that the transferred amount causes the Community Spouse Resource Allowance to exceed the maximum. b. The Eligibility Site shall determine if the Individual is receiving substantially equal installments from the annuity for the annuitization period of the annuity. i) If the annuity is not paid in substantially equal installments, then the original purchase price of the annuity shall be considered to be a transfer without fair consideration. c. If the annuity was purchased more than 36 months before the date of application for Medicaid, then there is no transfer without fair consideration penalty period. i) Any payments made by the annuity shall be considered to be countable income in the month received. 5. Annuities Purchased on or after February 8, 2006 a. As a condition of Medicaid eligibility, at the time of application or redetermination, an applicant or his or her spouse for Medicaid Long-Term Care services shall disclose any interest that the Medicaid applicant or his or her spouse has in an annuity. i) A complete copy of the annuity contract, including the most recent beneficiary designation, shall be provided to the eligibility site. b. By providing Medicaid Long-Term Care services, the Department shall be a remainder beneficiary of any annuity in which an individual or individual’s spouse has an interest. The purchase of the annuity shall not be considered to be a transfer without fair consideration if: