How longevity annuities can be an alternative or supplement to long term care insurance?

If you are unable to medically qualify for Long Term Care (LTC) insurance or prefer to avoid paying expensive premiums for insurance you may never use, the Longevity Annuity may be the perfect solution for you.

Maybe you purchased LTC insurance a few years back and are unsure if the coverage will be enough to fully cover the ever increasing cost of care.  Instead of purchasing additional coverage and paying premiums for insurance you may never need, use the Longevity Annuity as a back up plan.

Since the Longevity Annuity provides a guaranteed stream of income to begin at age 70, 75, 80, or 85 (whichever one you choose), you may apply the income received from the Longevity Annuity toward the cost of care at that time.

Furthermore, you could transfer assets to your loved ones while receiving care, since the income payment of the Longevity Annuity will continue during any penalty period imposed by Medicaid as outlined in the Deficit Reduction Act of 2006.

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