Double your lifetime income when you and your family need it most. Enhanced Income Benefit Doubler 13 It’s a fact: there’s a good chance you may spend time in a Qualified Care Facility after you retire. It’s expensive — just over $7,500 per month for a private room in a nursing home. 14 Your income rider’s Enhanced Income Benefit may help you pay for those expenses by doubling your income amount if you are confined to a Qualified Care Facility and meet the eligibility requirements. This benefit is payable for a maximum of 60 months or until your annuity’s Accumulated Value is reduced to zero. Afterwards, your rider income will return to the original amount and continue for the rest of your life. Your rider’s income stream will be doubled as long as: 1. You have had your annuity policy for at least one year and are in the Income Phase. 2. You meet all eligibility requirements outlined in your policy, including becoming confined in a Qualified Care Facility for 180 out of 250 days. 15
3. You have not received doubled payments for more than 60 months.
This benefit is NOT long-term care insurance nor is it a substitute for such coverage. Additional requirements and restrictions may apply and availability varies by state; see below for states where this benefit is not available. Increased payments will cease when your rider enters the Extended Income Guarantee Phase. If it’s already in this phase, you will not qualify for this benefit.
Plan ahead for these potential costs in retirement: $7,698 Monthly cost of a private room in a nursing home
$6,844 Monthly cost of a semi-private room in a nursing home $3,628 Monthly cost of an assisted living facility
Sources: U.S. Department of Labor, https://acl.gov/ltc/costs-and-who-pays/costs-of-care U.S. Department of Health and Human Services, “Costs of Care,” LongTermCare.gov, February 18, 2020.
13 Enhanced Income Benefit Doubler not available in CA and MA. 14 U.S. Department of Health and Human Services, Costs of Care, LongTermCare.gov, February 18, 2020. 15 The confinement period is 90 out of 125 days in AK, CT, HI, ID, LA, MN, MO, NH, NJ, OR, PA, UT and WA.
11
Made with FlippingBook - Share PDF online