Glossary Term

Nursing Home Waiver

A nursing home waiver (also called a confinement waiver or long-term care waiver) is an annuity contract provision that allows you to withdraw your full account balance without surrender charges if you are confined to a qualified nursing home or long-term care facility for a specified period, usually 30 to 90 consecutive days.

How It Works

If your MYGA or fixed annuity includes a nursing home waiver and you require long-term care, you can access your money penalty-free even if you are still within the surrender period. The waiver typically activates after a qualifying confinement period and requires documentation from a licensed physician.

Not every annuity includes this provision. Some carriers offer it as a standard feature, while others do not include it or offer it only in certain states. It is one of several factors to consider when comparing fixed annuity products.

Key takeaway: A nursing home waiver lets you access your annuity funds without surrender charges if you need long-term care. Check whether this provision is included before purchasing.
Disclaimer: This glossary entry is for informational and educational purposes only. It does not constitute financial, tax, or legal advice. Annuity products vary by state and carrier. Always consult a licensed financial professional before making financial decisions.
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