Fixed Indexed Annuities and Variable Annuities
Fixed-indexed annuities (FIAs) and Variable Annuities often come with long-term care riders. These riders allow policyholders to access funds for long-term care expenses under certain conditions. This can be a significant benefit as it provides financial support for healthcare needs in later years.
MYGAs and Fixed Annuities
Multi-Year Guaranteed Annuities (MYGAs) and Fixed Annuities typically offer long-term care waivers. These waivers can help in accessing annuity benefits without penalties if the annuitant requires long-term care. However, they might not provide direct long-term care benefits like a rider would.
Single Premium Immediate Annuities (SPIAs) generally do not offer long-term care riders or waivers. This means that individuals with SPIAs might need to look for other ways to fund their long-term care needs.
Comparison of Annuity Types and Long-Term Care Benefits
|Long-Term Care Rider
|Long-Term Care Waiver
In conclusion, while Fixed Indexed and Variable Annuities often come with long-term care riders, MYGAs, and Fixed Annuities usually offer long-term care waivers. SPIAs, on the other hand, do not provide either benefit. Understanding these options is crucial for effective retirement and healthcare planning.
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