Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.
When it comes to using a Medicaid Compliant Annuity (MCA), there’s a lot to learn! We offer a variety of educational resources as well as a dedicated team of specialists to help you with each and every case. But, if you haven’t worked with us before, it can be daunting to know where to start. That’s why we’ve compiled this guide to help you understand what to expect when you begin your first case.
Contact your Relationship Manager with the case details.
The first step is simple—contact us! Those new to Krause have likely been working with one of our Relationship Managers up to this point, so feel free to reach out to your Relationship Manager with your client’s case facts. If you prefer to provide the details online, you can utilize our intake forms or email [email protected].
The intake forms lay out exactly what details are needed, and your Relationship Manager can provide that information as well. Generally speaking, this will include the client’s age, marital status, state of residence, and asset and income information.
You’ll be partnered with a Benefits Planner.
Once we receive the details, you’ll be introduced to your Benefits Planner—one of our MCA specialists. Using the case facts you provided, they’ll develop a proposal showcasing a potential MCA solution for your client. This proposal will include the economic results of implementing the MCA as well as any additional considerations to keep in mind.
Don’t worry—you’re not locked into that proposal. If the case facts or your client’s situation changes, your Benefits Planner will update the proposal as needed and answer any questions you may have. If your client decides not to proceed with the plan, we understand. There’s no obligation to move forward.
In addition to partnering with your Benefits Planner, our Contracting Specialist will work with you to get you contracted with our MCA carriers. We use SuranceBay to keep the process simple, streamlined, and headache-free.
We’ll send you the annuity application.
Once your client is ready to proceed, we’ll provide the appropriate annuity application and lay out the next steps. Your Benefits Planner will tell you how to submit the application, explain where the funds should be sent, and confirm with you when everything is ready to be processed.
The insurance company issues the annuity.
Once the annuity application is complete, we will review everything to make sure it complies with your state’s Medicaid regulations. Then, we will expedite the processing of the application with the insurance company issuing the MCA. Most policies are received within five to seven business days. Upon receipt, an electronic copy will be forwarded to your office immediately.
Your client can pursue Medicaid eligibility.
Once you have the policy in hand, you’re ready to go! Your client has the documentation they need to prove the purchase of the annuity for their Medicaid application, bringing them one step closer to achieving eligibility.
Need help with the Medicaid application? Take advantage of our referral service.
Get the most out of our partnership and contact us to discuss your client’s case!