Sales Opportunities in Medicaid SPIAs

May 1, 2017

Immediate annuities are often a good tool to use for part of your clients' Medicaid planning. Though regulations vary from state to state, assets placed in a properly designed immediate annuity are considered income and typically no longer count as available assets when qualifying for Medicaid assistance.

Most often, the goal is to qualify the institutionalized spouse for Medicaid eligibility in order to pay for long-term care, while providing the community spouse with sufficient income to maintain his or her lifestyle. Medicaid-compliant annuities can also be used in Medicaid planning for single individuals. The Standard is pleased to be able to offer this product to meet your client's needs.

While working with your clients, please keep the following in mind:

  • Helping clients with Medicaid qualification requires expertise. To properly serve your client, always work with an elder law attorney during the sales process.
  • Know your state rules, and understand if your client's state of residence must be listed as the primary beneficiary. Elder law attorneys know these specifics.
  • Talk to your client about what happens to the policy when they pass away. If a state is listed as the primary beneficiary, The Standard will direct scheduled payments first to the state until it has received the amount owed. Once the state is satisfied, then any remaining scheduled payments will be sent to the secondary beneficiary.

Medicaid-compliant annuity quotes can be obtained by emailing our Sales Team or calling us at 800.378.4578.

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