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.
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