If you are currently paying out of pocket for the nursing home, you may benefit from a Medicaid Compliant Annuity (MCA) – one of the most powerful Medicaid planning tools available. At its core, an MCA is designed to accelerate your Medicaid eligibility while also preserving your hard-earned assets. Continue reading to learn more about Medicaid Compliant Annuities and find out if it’s the right product for you.
A Medicaid Compliant Annuity is a single premium immediate annuity (SPIA), which is a contract with an insurance company where you pay a premium (sum of money) up front and receive a certain amount of it back periodically. MCAs contain zero cash value while also providing income to the owner. When properly structured, an MCA acts as a spend-down tool that allows you to eliminate your excess countable assets and accelerate your Medicaid eligibility.
MCAs can be used in a variety of situations to ease the burden of long-term care and provide peace of mind for you and your loved ones.
If you answered yes to these questions, a Medicaid Compliant Annuity might just be right for you.
Are you interested in taking the next step and purchasing an MCA? If so, contact our team at Senior Care Counsel to learn more.
This guide takes a deep dive into the landscape of long-term care and how to pay for it without going broke, including the answers to your top questions surrounding Medicaid.GET MY COPY