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A New Funding Opportunity to Pay for Home Care
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- Home Care Expert Insider Blog
- A New Funding Opportunity to Pay for Home Care
May 28, 2018
Often, families are concerned with the financial aspect of providing home care for a loved one. Home Instead has a wonderful resource to give those families some ideas on how they may go about getting the finances they need to get the type of care they prefer.
Most recently, Home Instead has partnered with Genworth Financial to enhance our funding solutions resources with the offering of medically underwritten annuities.
What is a medically underwritten annuity?
A medically underwritten immediate annuity pays care recipients greater than normal income. Care recipients are qualified for an annuity when an insurance company determines that the person's actuarial age is older than their chronological age. Income begins immediately; and, unlike long-term care insurance, there are no claims to file and no ongoing health evaluations.
A few conditions typically covered by medically underwritten annuities include Alzheimer's, ALS, COPD, Multiple Sclerosis, Muscular Dystrophy, stroke.
Families might want to consider pursuing an annuity if they are worried about:
- Paying for care
- Outliving their savings
- Not having guaranteed income
If you are interested in learning more about a medically underwritten immediate annuity, take a peek at www.genworth.com/homeinstead or call 800-253-2326. Our partners at Genworth will talk you through your options and handle all funding questions to see if it is a good fit for you!
Here's a link to the Genworth Flyer with a little more information.
