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The customer has a flat rate long-term care insurance policy. It pays $50.00 a day for each day that he is in a nursing facility. The payments are made monthly.
The customer has signed a form that authorizes the insurance company to make the payments directly to the nursing facility. However, he can have the payments sent to himself instead at any time.
The insurance payments are revocably assigned, so they are considered constructively received. The payments are counted as income to the customer, just as if they were sent to him instead of the nursing facility.
The customer has a disability insurance policy that pays $2,500 per month. The insurance payment is being paid to the customer's spouse. The customer can have the payments paid to him at any time.
The disability insurance payments are revocably assigned, so they are considered constructively received. The payments are count as income to the customer, not the spouse.
The customer purchased an irrevocable annuity in 2012 that pays $1,500 per month. Payments are currently being paid to the customer's son. According to the annuity contract, the customer may change who receives payments from the annuity at any time.
The annuity payments are revocably assigned, so they are considered constructively received. The payments are counted as income to the customer. Payments made to the customer's son during the transfer look-back period must be reviewed as potential transfers (MA902A).