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.
