Annuity Care can be a safe place to grow “just-in-case” funds and help protect against the cost of unexpected long-term care expenses.
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Annuity Care is a single premium deferred annuity that provides access to its cash value for qualifying long-term care expenses with a higher credited interest rate on funds withdrawn for LTC purposes.
With the addition of Annuity Care Plus, up to lifetime benefits can be obtained with premiums guaranteed never to increase. The Pension Protection Act allows Annuity Care to offer significant tax advantages, including income tax-free withdrawals for long-term care expenses. |
Why Annuity Care?
You may have seen or heard about other options for dealing with long-term care expenses, where you pay a premium, month after month, year after year. All the while hoping you never have to use what you bought. And, knowing there is minimal (or no) value if you do not use it.
Annuity Care II could be the answer for your needs. It can allow you to reallocate existing assets — in savings, investments, or other annuities — on a single premium basis. Your money grows with a guaranteed minimum interest rate.
It remains your money, and is available to pay for any qualifying LTC expenses you may have.
Annuity Care II could be the answer for your needs. It can allow you to reallocate existing assets — in savings, investments, or other annuities — on a single premium basis. Your money grows with a guaranteed minimum interest rate.
It remains your money, and is available to pay for any qualifying LTC expenses you may have.
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If you never need long-term care...then your Accumulated Value would pass to your named beneficiaries, free of surrender charges.
So, the money you have set aside works for you… if you use it for qualified LTC expenses, or not. |
Features
- Higher interest rate credited to funds withdrawn for qualifying LTC expenses (paid monthly). See outlines of coverage and illustrations for complete long-term care coverage details.
- Optional lifetime extension on LTC benefits with guaranteed premiums
- Underwriting generally completed within 72 business hours of receipt of application
- Pension Protection Act compliant
What kind of LTC does Annuity Care cover?
A broad range of qualifying long-term care expenses means you can receive care in your home, use adult day care facilities or stay at a nursing home or assisted living facility. Covered care also includes qualifying hospice care, respite care, caregiver training and supportive equipment
Tax Advantages
Annuity Care II provides an effective way to protect your assets from the potential expenses associated with end of life care. And, it also does so in very tax-efficient ways!
These tax guidelines apply for federal income tax years beginning after December 31, 2009.
- Long-term care benefit payments from the LTCAV (Long Term Care Accumulated Value) are income tax-free.
- Long-term care benefit payments from the COB (Continuation of Benefits) Balance are income tax-free.
These tax guidelines apply for federal income tax years beginning after December 31, 2009.
No Surrender Charges for Long Term Care Medical Needs
If you need your money for qualified LTC, there are no surrender charges assessed to your LTC withdrawal at any time.
Long Term Care Accumulated Value Withdrawal Period
In other words, should you ever need long term care in a place like an assisted living facility or a nursing home, etc. Your Annuity Care II policy will provide you with 24 months of LTC payments. 30 months if you have a joint policy. Currently the average stay for LTC needs is around 22 months.
Issue Ages
- Ages 40–80