2024 KrauseReport V1 WEB Flipboook Preview - Flipbook - Page 13
Services
Whole Life Insurance
A whole life insurance policy is a life insurance contract that
stays with the owner through their death. It is funded with a
single premium and is guaranteed issue. A small policy with a
face value of $1,500 or less is considered an exempt asset for
Medicaid in most states.
Preneed Insurance
Preneed insurance consists of a small whole life policy
assigned to a speci昀椀c funeral home used for the policyholder’s
funeral and related expenses. Changes in assignment can take
place before or after death to ensure the transferability of
funds to the preferred funeral provider. A growth rate helps
to offset in昀氀ation and price changes at the time of death.
Short-Term Care Insurance
With simpli昀椀ed underwriting, short-term care insurance
offers an alternative for clients looking to pre-plan for
care costs associated with a chronic illness. Short-term
care insurance offers coverage for individuals up to age 89,
whereas traditional LTCI usually cuts off applicants at age 75.
Estate Trust
An estate trust is a guaranteed-issue insurance contract of up
to $100,000 with a built-in trust mechanism to cover funeral
expenses and quickly transfer assets to bene昀椀ciaries. Upon
the owner’s death, the bene昀椀t provides immediate 昀椀nancial
liquidity and avoids probate.
Fair Hearing Support
If your client receives a Medicaid denial due to
one of our products, our in-house attorneys will
work with you through the fair hearing process.
This free service includes a thorough review of
your client’s denial, support before and during
the hearing, and guidance to help your client get
the bene昀椀ts they deserve.
Annuity Valuation
An existing annuity may prevent your client from
qualifying for Medicaid. We will review their
contract, determine its fair market value, and
facilitate the sale of the annuity, allowing your
client to pursue crisis planning options. From
valuation to sale, the process can take as little
as two weeks.
Medicaid Application
Support
Whether you’re new to Medicaid planning or
you have too many cases at the moment, we’ll
connect you with our strategic partner who can
work with you to complete and 昀椀le the Medicaid
application on your client’s behalf.
Non-Medicaid SPIA
A non-Medicaid single premium immediate annuity is
a contract funded with a lump sum that begins making
payments immediately for a 昀椀xed term, but it does not comply
with Medicaid’s restrictions. This type of annuity can be used
to fund a Personal Services Contract (PSK) in Florida.
Refusal Letters
These are letters from secondary annuity buyers indicating
their inability to purchase an annuity due to its restrictive
provisions. A refusal letter may be needed to secure a Medicaid
Compliant Annuity in some states or demonstrate undue
hardship in certain cases involving a non-compliant annuity.
For more information on all our products, visit
krausefinancial.com.
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CHAPTER 02 | What We Offer