Must reading for the Retired and those soon to
Retire
The cost of Medical Care & Long Term Care can bankrupt your retirement
and leave your spouse with a financial nightmare.
According to the Boston Globe there is a near 100% chance that you
or your spouse will require Long Term Medical Care. How will you pay
the bills?
Your payment choices are:
1. Your cash
2. Long Term Care Insurance
3. Medicaid
Given the choice pay with Medicaid. Qualifying for Medicaid is exhaustive
of your time, patience, and your money.
Long Term Care Insurance is costly but it may be your best chance
to avoid leaving your spouse bankrupt, in poverty, with bills to pay
and no cash.
In some states you can transfer your cash to Medicaid Friendly Annuities
that provide a monthly income based upon your life expectancy according
to the Medicaid or Social Security Mortality Tables. This transaction
helps many people qualify for Medicaid.
Another option that merits your consideration is the split funded
annuity strategy. Transfer cash into an immediate income annuity that
provides a tax-favored income to pay Long Term Care Premiums and transfer
some cash into a tax-deferred annuity that provides continued growth
of your money. This option will likely save you income tax on your
social security income and those tax dollars you can spend, save or
invest.
For free information on Medicaid Friendly Annuities {click
here}
Learn if You Qualify for Medicaid
Qualification varies by individual state laws. Therefore, we have
provided you with a link to your state laws, filing forms, and information.
Simply select your state and be prepared for an exhaustive Internet
review of probably much more than you care to know.
For your state Medicaid
Laws
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