Medicaid Compliant Annuity FAQs

Most carriers require a minimum premium of $5,000, though we may be able to make exceptions for a lower premium amount in some cases.

The shortest term most of our carriers offer is two months. However, if you’re funding the annuity with a very large premium, there may be some limits on how short the annuity can be. Contact us for more details.

MCAs can be funded with non-qualified funds such as those from checking and savings accounts. In most cases, non-qualified funds are provided to the carrier via check or ACH. MCAs can also be funded with certain taxable accounts such as retirement accounts and existing annuities. These transactions may involve a 60-Day Rollover, custodian transfer, or 1035 Tax-Free Exchange. These funding options may increase processing time of the annuity.

All case advisement, proposals, and quotes are complimentary with no obligation to proceed. A service fee may apply if a client purchases an annuity. The service fee is paid by your client, and the amount varies depending on the specifics of your client’s case. Contact us for more details.

In many cases, yes! Commissions are available on annuities with terms of at least 12 months. In situations where there is little or no commission, you can also leverage our Agent Advantage program for extra earning opportunity.

Only a handful of carriers provide MCAs and other Medicaid compliant products. Our office works with several nationwide carriers that specialize in these products, many of which have an A.M. Best rating of “A” or higher. Additionally, we have exclusive partnerships with many of these companies. View our carriers page for more details.

While working with an attorney is not required to sell a Medicaid Compliant Annuity, we strongly encourage it, especially if you’re new to Medicaid planning. In addition to assisting with navigating state-specific Medicaid regulations, an attorney can also help with any supporting estate planning that should be done, like establishing a Power of Attorney for the client.

We usually ask for the client’s financial information (income, cost of care, assets), as well as their state of residence and date of birth. On a case-by-case basis, we may require additional information to provide a more appropriate proposal for your client. An easy way to gather this information is to take advantage of our intake forms.

We can provide as much assistance as needed. If you already know the premium and term your client needs, one of our team members can quickly provide a quote and the application paperwork. If you would like a recommendation regarding the premium and term, one of our team members can provide a comprehensive annuity proposal tailored to your client’s situation. All comprehensive proposals are complimentary with no obligation to proceed.

We know timing is everything in these cases. Upon receipt of all the necessary information, we will return your annuity quote or comprehensive proposal within one business day. If we receive your request for a quote or a proposal, and we need some additional information prior to proceeding, we will contact you as soon as possible.

Yes, most carriers allow for processing of the application documents digitally. Our team can advise you on the requirements and process for the specific insurance carrier you are purchasing the annuity through.

Once our office receives the application and funds, the insurance carrier will begin the process of issuing the policy the next business day. Once we receive the contract back from the carrier, a copy will be emailed to your office immediately. Original policy documents may be mailed upon request. Policies are typically issued within a few business days from the time of submission. This timeframe varies based on the insurance carrier and the method of funding the annuity.

Once you notify us of the death, we can help with the death claim process. First, we will notify the insurance carrier and provide a death certificate. The insurance carrier will then notify the state Medicaid agency of its interest in the annuity and send a claim package to the state and the contingent beneficiary. Next, the state must send a reimbursement or release letter to the insurance carrier. Once received, the insurance carrier will settle the state’s claim, accept the release, and distribute the subsequent annuity balance (if any) to the contingent beneficiaries.