In the first published Appellate Division opinion since September, the court weighed whether an irrevocable annuity contract is rendered revocable by an amendment clause and therefore considered a resource under New Jersey’s Medicare provisions.

According to the opinion, a woman identified as C.L. purchased an annuity contract with the Croatian Federal Credit Union of America. The contract was purchased as part of a spend-down plan to qualify for Medicaid benefits. Two clauses in the contract at issue in this case include an irrevocability clause and an amendment clause of the contract.