What is 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.
Frequently Asked Questions
What is a 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 does a nursing home waiver work?
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.
Do all annuities include a nursing home waiver?
Not every annuity includes this provision.
