Medicaid Annuities.

[ballfan]

Ive got an opportunity to write one, my fmo came up with Phoenix FS. There us a lawyer and Financial advisor involed so my job seems straight forward.

Anyone written one? Tips or suggestions?

thks

 

[thomasm]

Ive got an opportunity to write one, my fmo came up with Phoenix FS. There us a lawyer and Financial advisor involed so my job seems straight forward.

Anyone written one? Tips or suggestions?

thks

What? I didn't know people on Medicaid could afford annuities? What type of annuity is this? Does medicaid for it?

 

[Josh Landis]

What? I didn't know people on Medicaid could afford annuities? What type of annuity is this? Does medicaid for it?

What they are doing is using a SPIA so that they CAN qualify for medicaid.

Thomasm, really you can use any SPIA as long as it's duration is acceptable. If you can provide more details on the client's situation I can give you some suggestions.

 

[ballfan]

Thomas

Its for married couples when one needs a nursing home. they basically put half their cash into it, one goes to nursing home, the other is the bene. of the spia.

All I know so far is the attorney has to give the advice. Im getting the contract, and going from there.

 

[Tahoe Ray]

Thomas

Its for married couples when one needs a nursing home. they basically put half their cash into it, one goes to nursing home, the other is the bene. of the spia.

All I know so far is the attorney has to give the advice. Im getting the contract, and going from there.

Josh is just saying to shop the terms of the annuity. The Phoenix FS product has specific language in the policy that the attorney will want to see to make sure that it qualifies. There are other companies that have similar language that will suffice however they are not being marketed that way.

 

[Justin Bilyj]

Read Doug Warren's annuity book. He explains the risks inherit with pitching annuities for these reasons, and how to present them.

 

[Tahoe Ray]

Read Doug Warren's annuity book. He explains the risks inherit with pitching annuities for these reasons, and how to present them.

The best way to avoid these pitfalls and to learn how to present them is to find an attorney and a financial advisor who feed you the lead and just want you to write it....

 

[wingateexpress]

Sorry but a SPIA will not work in this case. Most states have a two to five year look back and will find a way to either collect the monthly dispersement or a way cash out the annuity.

 

[jmhalvo]

What they are doing is using a SPIA so that they CAN qualify for medicaid. Thomasm, really you can use any SPIA as long as it's duration is acceptable. If you can provide more details on the client's situation I can give you some suggestions.

wow, if this was all true who would not do a SPIA for Medicaid? We would be writing tons of them

 

[Tahoe Ray]

wow, if this was all true who would not do a SPIA for Medicaid? We would be writing tons of them

It is true...

Court Eases Use of Annuities to Avoid Medicaid Spend-Down

Medicaid planning & SPIAs | LifeHealthPro

It doesn't avoid the spend down, it just prolongs it. The Phoenix product discussed earlier in the thread (Family Shield) is even marketed that way.