The need for some clients assets from Medicaid Spend down to protect the hand. It may be because the needs of the spouse of a disabled child or a lot of good solid reasons. Here are the pension seller survey will come to the rescue.
Most agents know that certain types of annuities can avoid spending and give themselves to the protection of their assets in the pension. These pensions are certain language in order to fully qualify under Medicaid rules.Most qualify for pension contracts do not contain the language of the Medicaid rules.
The monthly payment must be for the life expectancy of pensioners. The pension can not open view into the contract and the value of the annuity is backed by all parties agreed to zero. The only value of the pension is the monthly income. These features are actually part of the contract and be approved by 29 states in the U.S.. There is some as "name on the examination underRule. "
The personal liability comes into play when an agent does not understand fully the rules nor the procedures to be complied with, the need to qualify these resources. An agent will be sold "only explain a pension" to spend the funds to the customer safely down. One must wonder, why would this happen? The reason is obvious, large commissions.
Commissions for the Medicaid spend down annuity are often very low, while the premiums for a standard annuity are usuallymuch higher. The agent will sell the concept of retirement, but to offer a product to qualify, which is never down for Medicaid spending. This is where the liability issue to the surface. Then of course, could the agent on a different career, or is the obvious answer: "I did not say."
At the time of need, the customer could be facing additional stress and maximum exposed assets. This creates a very unfair situation for the customer and the agent is almostnever left holding the bag. Then of course there is this sales pitch and explanation.
I recently met in a situation where an agent of a pension 17 years surrender contact to a 77 years old widow had sold. She was told that would protect all of their pension assets, and they could leave those assets to their children. In a few years ago she became ill and needed nursing home car and the pension was the primary advantage. Of course as a single person there was no way to protect the funds,the pension and the children, I called the agent. His answer was startling, he said, he knew that would not qualify for Medicaid, pension, but it was not his problem, it was his "errors and omissions" problem. He knowingly sold the product for the monstrous Commission and had the insurance would be calculated to make things right.
The client had finally cash in the great devotion, and suffer punishment pension losses. She was ill and not up to a fight with anyone andwanted to be left alone.
The shame of this story is how we are all pensions Seller guilty by the actions of a few. So here is my advice.
• Always work with a lawyer who specializes in Medicaid planning
• Never call yourself a Medicaid Specialist
• Never give legal advice
• If you have a Medicaid qualified annuity make sure is working the contract in your state, ask the office to sell at home, they are there toHelp
And finally, be honest and open. Make sure the prospect understands exactly how a Medicaid Qualified Annuity, and how they directly affect the benefits and their personal situation.
