Dealing With the Rising Price of Health Care?

See How Immediate Annuities Can Help With Medicaid Planning

Outliving our savings and income in retirement is a big concern. Many retirees live comfortably only to face a sudden financial burden of how to pay for long-term care. The cost of care in a nursing home for just a few months, for example, can be financially devastating.

As you talk to clients about planning for health care costs in retirement, consider using immediate annuities. They’re often a good tool to use for part of Medicaid planning.

How they can help:

• Immediate annuities can help an ill spouse qualify for Medicaid eligibility to pay for long-term care. Although regulations vary from state to state, assets placed within a Medicaid-compliant immediate annuity are considered income. This means they no longer count as available assets when qualifying for Medicaid assistance.
• The annuity funds can provide a healthy spouse with sufficient income and resources to maintain a current lifestyle.
• Single individuals can also use immediate annuities in their Medicaid planning.

In all Medicaid planning scenarios, work with a qualified elder care attorney. Availability and eligibility vary by state.

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Annuities are not (a) insured by the FDIC or any federal government agency, (b) deposits of or guaranteed by any bank or credit union and (c) a provision or condition of any bank or credit union activity. Some annuities are subject to investment risk and may lose value. A surrender charge may apply during the surrender period, and a 10% penalty may apply to withdrawals prior to age 59½.