How Medicaid Compliant Annuities Work.
Retirees facing the prospect of depleting their retirement savings to pay for long-term care, consider whether a Medicaid Compliant Annuity could help.
In the U.S., more than half of those who turn 65 will need long-term care in their lifetime.
A Medicaid Compliant Annuity is a single premium immediate annuity (SPIA) that contains zero cash value and provides income to the owner. Properly structured, this annuity functions as a spend-down tool that eliminates excess countable assets, allowing the nursing home resident to become eligible for Medicaid benefits.
JenniferLangFinancialServices.com specializes in annuities and can provide guidance.