Using Annuities in Medicaid Long-Term Care Planning

Annuities, long-term care insurance or a hybrid life insurance / LTC rider are better options than trying to go-it-alone.

Guide to long term care blog

Medicaid applicants with too much money or assets are denied coverage for long-term care and have to pay their own nursing home bills. For many, their savings would be depleted within months, leaving the Medicaid applicant’s spouse destitute. Annuities can magically wipe away these excess resources that are preventing Medicaid eligibility and replace them with a monthly check, payable to the applicant’s spouse (referred to as the “community spouse”).

Sound too good to be true? It’s not, and when done properly, this technique can preserve a large portion of a couple’s resources to provide for the community spouse, who may live for many years, and possibly, the couple’s heirs.

Read complete article here: http://www.nolo.com/legal-encyclopedia/using-annuities-medicaid-long-term-care-planning.htm

For annuity quotes: http://guidetolongtermcare.com/forms/quote.html 
(some annuities offer LTC benefits that pay out more than the annuity value)

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About Daniel G. Alcorn
My financial services career began in the late 70's in New Hampshire. My career path includes 19 years in Vermont where I served as Senior Vice President of the state's largest commercial bank. I relocated to New York's Capital Region in 2003 where I now enjoy helping individuals and families with their Life, Medicare and Long Term Care insurance decisions. Let's connect online at www.linkedin.com/in/dgalcorn and https://www.facebook.com/DGAlcorn.Associates/

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