Restricted SPIA

Overview

How this Annuity Works

You purchase the annuity with one premium payment. You work with your advisor to determine the certain period payout time over which the Restricted Single-Premium Immediate Annuity will pay.

Restrictions

The Restricted Single-Premium Immediate Annuity includes the following restrictions:

  • The contract is: (a) nontransferable; (b) nonforfeitable; (c) nonassignable; (d) nonsurrendable (e) noncommutable; and (f) irrevocable.
  • Neither you nor any payee may change a designated payee under the contract.
  • Neither you nor any payee may change the form or mode of payment under the contract.
  • The contract has no cash value.

 

For Medicaid Eligibility

A Restricted Single-Premium Immediate Annuity is designed to help you if your goal is to qualify an institutionalized spouse for Medicaid eligibility. Generally, assets placed within a Medicaid-compliant annuity will no longer count as available assets for purposes of Medicaid eligibility. State Medicaid rules define the maximum length of your certain period payout. The rules do vary from state to state. So, you will need to seek advice from an elder law attorney or advisor with expertise in Medicaid annuities.

Medicaid annuities are regulated by the Internal Revenue Code, state insurance law and state Medicaid law. Some contract features and options may not be available or similar in all states because state governments oversee insurance companies.

If the annuitant dies before the end of the certain period, some states will require the state to be named primary beneficiary for purposes of potentially refunding the state for some of the state expense associated with Medicaid payments. Any remaining payments will be paid to the subsequent beneficiaries until the end of the payment period.

Certain Period Payments

A guaranteed income is paid from the time period used for the annuity to qualify as a Medicaid annuity. If the annuitant dies prior to the end of the period specified, payments continue until the end of the period to the applicable beneficiary(ies).


In all Medicaid planning scenarios, work with a qualified Elder Care Attorney. Availability and eligibility vary by state. Medicaid annuities are regulated by the Internal Revenue Code, state insurance law and state Medicaid law. Some contract features and options may not be available or similar in all states because state governments oversee insurance companies. The Standard cannot guarantee Medicaid eligibility.

Rates may change without notice. Products of Standard Insurance Company. Product features and availability varies by state.

Features
  • $15,000 to $1,000,000 initial premium (higher amounts may be permitted with prior home-office approval)
  • Issue to Age 93

In all Medicaid planning scenarios, work with a qualified Elder Care Attorney. Availability and eligibility vary by state. Medicaid annuities are regulated by the Internal Revenue Code, state insurance law and state Medicaid law. Some contract features and options may not be available or similar in all states because state governments oversee insurance companies. The Standard cannot guarantee Medicaid eligibility.

Rates may change without notice. Products of Standard Insurance Company. Product features and availability varies by state.

Effective date: 
10/1/2019