Unexpected source of MCF funding

M5M

we received a letter from the company holding an annuity we own, to update us on some minor change. In the process of reviewing the annuity document, I came across a section about Nursing Home Benefit. Apparently if DH needs placement we can access funds from the annuity even though typically the money must stay invested for a specific number of years. The financial advisor had not mentioned this and so it was a helpful piece of information for future $ planning to cover cost.

M1

good news. Sounds like it might be worth following up to confirm with your financial advisor----for instance to be sure when if it says "nursing home" that a MCF would also be covered....

Ed1937

Congrats on the find. Something like that is always good when you don't expect it.

LJCHR

Good find-be sure there are no fees or penalties for withdrawing. Fingers crossed for you.

Joydean

A silver lining just in case you need it! Thanks for sharing! Do check it out, but if it’s in your contract there should be some good information on it.

JDancer

When I spoke with a CELA, we talked about using annuities to "shelter" income/assets to become Medicaid eligible. In this scenario, accessing the money for care seems counterproductive. Am I missing something?

Kibbee

Your CELA was probably speaking about a Medicaid Annuity, which is a special type that can shelter funds. It comes with its own pros and cons.

JDancer

Thank you, Kibbee

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