Consider an Underwritten SPIA when Faced with High LTC Costs

[Dale M Krause]

Single-premium immediate annuities (SPIAs) that are medically underwritten can provide a great financial solution for seniors who are dealing with severe health issues. Especially if they are unable to obtain long-term insurance due to their illness or refuse to consider Medicaid. These annuities are different from regular immediate annuities. They consider an individual's health, which results in higher monthly payments for those with more severe health conditions. The best part is that seniors have the flexibility to use the funds for any purpose, including care expenses or general living costs.

It is important to note that these annuities are not suitable for individuals in good health or those with extremely short life expectancies. However, they can be crucial for families dealing with such situations.