Many of my clients have been sold annuities that they thought helped their financial situation if nursing home care was needed in the future. Unfortunately, very few annuities help the situation, and some of them turn out to be financially disastrous. My opinions about the overannuitization of older persons in Massachusetts can be found on another blog of mine in the following posts:
Is It a Good Idea for an Elderly Person to Purchase a Deferred Annuity?
Is a Deferred Annuity Helpful from a Medicaid or MassHealth Standpoint?
You should take special caution whenever you walk into a bank, where they seem to be especially clueless (or commission-driven; make sure you ask how much the salesperson is making on the sale), so see the following posts:
Should You Buy a Deferred Annuity at a Bank?
Should You Ever Buy an Immediate Annuity at a Bank?
MassHealth: Medicaid in Massachusetts 
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[…] 17. Annuities. When an annuity is irrevocably annuitized, the stream of payments is considered income by MassHealth and the annuity is no longer considered to be a countable asset. In all other situations, an annuity is just another countable asset, so there is rarely any reason to buy an annuity in advance of its need. (See Is a Deferred Annuity Helpful from a Medicaid or MassHealth Standpoint? and also see Should You Get a Second Opinion Before Buying Annuities?) […]