Alzheimer’s Disease and Annuities

This is more of a warning than anything. For families facing Alzheimer’s-you must always be on the look out for unscrupulous financial planners and annuity sales people. Now don’t get me wrong, there are certainly reputable, good people out there who sell these products. The problem is, people with Alzheimer’s have a very high chance of needing skilled nursing care in the future.

This also means that they may very well need Medicaid to help pay for all or a portion of the nursing home costs. Medicaid has VERY strict rules (and becoming more strict everyday) about what type of annuities qualify. In general, the annuity must be actuarially sound, irrevocable, non-assignable and typically must name the state as a remainder beneficiary. Now rules vary from significantly from state to state so it’s best to do your homework. But one thing is for sure, you should be very wary about purchasing annuities without first seeking advice.

For great tips, tricks and techniques on helping to pay for Alzheimer’s care visit:http://www.PayingForAlzheimersCare.com and get my FREE Ebook today.