I specialize in group and Indy Health along with Medicare. I do write Life Insurance and Annuities if it comes my way. I am not the expert when it comes to Annuities and that's why I am here.
I have a 63 year old client who resides in California and has major health issues with an Oxford HMO (New York) health policy. He was a referral for health insurance and an annuity. I contacted Oxford Health in New York to see if we can modify the policy's network to a PPO or POS so he can receive treatment. Oxford stated he cannot change network until June 2013. So he has 5 1/2 months to go before he can change networks to receive treatment in California. I advised him to go back to New York if his condition worsens to receive treatment. He does has financial exposure if he stays in California and ends up in the hospital.
He has an (New York) Irrevocable trust with around 165K that he wants to invest into a fixed or a fixed index annuity (non-qualified funds). He also has a few savings accounts with a sum of 60K. He is married and his wife is 52 years old and is on disability. They have around $3500 per month income coming in from Social Security and small pension. He would like to build his trust conservatively but still have access to the money as it builds. What are your suggestions? I am assuming some annuities have riders that would allow Return of Premium? I have also have spoken with his attorney in California that is looking at the New York trust to see if it will hold water with California Law.
I have a 63 year old client who resides in California and has major health issues with an Oxford HMO (New York) health policy. He was a referral for health insurance and an annuity. I contacted Oxford Health in New York to see if we can modify the policy's network to a PPO or POS so he can receive treatment. Oxford stated he cannot change network until June 2013. So he has 5 1/2 months to go before he can change networks to receive treatment in California. I advised him to go back to New York if his condition worsens to receive treatment. He does has financial exposure if he stays in California and ends up in the hospital.
He has an (New York) Irrevocable trust with around 165K that he wants to invest into a fixed or a fixed index annuity (non-qualified funds). He also has a few savings accounts with a sum of 60K. He is married and his wife is 52 years old and is on disability. They have around $3500 per month income coming in from Social Security and small pension. He would like to build his trust conservatively but still have access to the money as it builds. What are your suggestions? I am assuming some annuities have riders that would allow Return of Premium? I have also have spoken with his attorney in California that is looking at the New York trust to see if it will hold water with California Law.
