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Immediate Annuity Solutions to Long Term Care

Annuity for retirement may be one of the best ways to make sure that you have enough funds, which you may use for your long-term care. It is a common knowledge that elderly may have special health needs, which may need extra money. Therefore, for your peace of mind, it is important that you have save enough money for health purposes.

Annuity is an investment product, which may help you sustain your long-term care. Annuity is characterized as a series of regular payments for a definite period. The money that you deposited is then reinvested by insurance companies to bonds and securities.

There are two kinds of annuities, the immediate and deferred annuities. The immediate annuity will allow you to receive money right after you first make your deposit. Most of the time those who are near the retiring age of sixty chose this type of annuity since they do not have to wait for long. They will get the money instantly without any maturity period, which are often required to other investments.

Meanwhile, deferred annuity includes two types of funds. The investment includes a long-term care fund, which is ideally used to pay services like long-term care in nursing homes. Meanwhile, it also has cash funds, which have offer interest rate with a minimum of three percent. The three percent minimum is the biggest highest return of investment in the market considering that it is tax deferred. Tax deferred meaning there is no hidden taxes for your every transaction. Unlike in mutual funds, which subtract a tax for every deposit you make.

Initially, to get the approval for your application, you need to be at least below eighty-five years and be able to meet the health requirements of the insurance company but those people who have pre-existing medical condition can still apply for annuity. The only medical condition that is not acceptable is dementia and Parkinson’s disease but other than that, you can avail annuity of your choice.

The good thing with annuity is that you can still be eligible even if you are already receiving long-term care. They will not decrease your chances for approval of your application even if you are receiving a special care for your condition.

You may even get the money right after you deposit your initial investment. Therefore, you can immediately use the money for your long-term care. There is no need for you to wait for several months or years before you can get pay out. With annuity, your paycheck is always available to address your hospices or health needs.

If in case, the annuitant dies unexpectedly, then the annuitant heirs or representative will be able to get the smallest or the remaining unused funds that are allocated in the annuitant. Technically, there is no loss here, because the annuitant can signify in writing the name and details of his or her heir. The heir will be able to get the benefits that are part of the annuity.

To know if you are qualified for the annuity, simply enter your ZIP and answer some basic questions to receive a free annuity quote today.