Introduced by Rep. Fulton Sheen (R) on June 28, 2005
To prohibit the marketing and sale of annuities as a vehicle to protect assets from Medicaid asset limitation requirements. This refers to a reportedly growing practice of senior citizens sheltering assets or transferring them to other family members so as to qualify for Medicaid health care and nursing home assistance, which is supposed to be limited to those with low incomes and few assets. Official Text and Analysis.
Referred to the House Insurance Committee on June 28, 2005