§ 256B.0594 — Payment of Benefits From an Annuity
Plain-Language Summary
Requires annuity issuers to pay the state back for Medical Assistance costs when the state is named as a remainder beneficiary of the annuity. The issuer must request from the state the total amount of Medical Assistance paid, and then pay the lesser of that amount or the annuity benefit due.
256B.0594 PAYMENT OF BENEFITS FROM AN ANNUITY.
When payment becomes due under an annuity that names the department a remainder beneficiary, the issuer shall request and the department shall, within 45 days after receipt of the request, provide a written statement of the total amount of the medical assistance paid or confirmation that any family member designated as a remainder beneficiary meets requirements for qualification as a beneficiary in the first position. Upon timely receipt of the written statement of the amount of medical assistance paid, the issuer shall pay the department an amount equal to the lesser of the amount due the department under the annuity or the total amount of medical assistance paid on behalf of the individual or the individual’s spouse. Any amounts remaining after the issuer’s payment to the department shall be payable according to the terms of the annuity or similar financial instrument. The county agency or the department shall provide the issuer with the name, address, and telephone number of a unit within the department the issuer can contact to comply with this section. The requirements of section 72A.201, subdivision 4, clause (3), shall not apply to payments made under this section until the issuer has received final payment information from the department, if the issuer has notified the beneficiary of the requirements of this section at the time it initially requests payment information from the department.
History:
2006 c 282 art 17 s 29; 2008 c 326 art 1 s 22
History: History: 2006 c 282 art 17 s 29; 2008 c 326 art 1 s 22