If you’re considering the purchase of the Athene Ascent annuity, then you may also be thinking about adding the optional income rider, so that you can ensure an income that lasts for the remainder of your life – no matter how long you may need it.
But in addition to providing you with a guaranteed lifetime income stream that you cannot outlive, the income rider for the Athene Ascent annuity also includes an Enhanced Income Benefit Doubler that can assist you with paying for unexpected health care related costs that you incur.
How the Athene Ascent Annuity’s Enhanced Income Benefit Doubler Works
As we make our way towards the retirement stage of our lives, it is no secret that health care expenses can rise, based on medical and/or long-term care related needs. In some cases, even with Medicare and/or other health insurance coverage that you may have, some or all of these costs may not be covered.
As an example, if you are covered by Medicare Part A and Part B for your health care, and you require a stay in a skilled nursing home facility, you could still find yourself paying more than $13,000 out-of-pocket…just in the first few months!
That’s because the nursing home expenses that are covered by Medicare are not at all comprehensive. For example, provided that you even qualify for this coverage, Medicare will pick up the first 20 days of your care in full.
After that, though, you are required to pay (in 2017) a daily co-payment of $164.50 for days 21 through 100. This equates to $13,160 (80 days X $164.50 per day = $13,160).
And, if you need nursing home care that lasts beyond 100 days, then all of the costs will be up to you to pay.
With that in mind, unless you have stand alone long-term care insurance (or another plan in place for paying these substantial long-term care costs), the Enhanced Income Benefit Doubler on the Athene Ascent annuity could come in quite handy.
That is because this rider will help you with covering these expenses, which in turn, can help to protect your retirement savings if you are confined to a qualified care facility (and you also meet the other requirements).
With this feature, your income benefit rider income stream will be doubled, provided that you’ve met the following criteria:
- You’ve had your annuity for at least one year, and you are in the income phase of the annuity.
- You’ve met all of the eligibility requirements that are outlined in your annuity policy – including becoming confined to a qualified care facility for at least 180 days.
This means that if the amount of your Guaranteed Lifetime Income Withdrawal benefit on your annuity is $10,000 per year, you will be able to receive $20,000 per year if you qualify for the Enhanced Income Benefit Doubler.
The Enhanced Income Benefit Doubler is payable for up to 5 years – as long as you still have funds in your annuity’s accumulated value. (Once your accumulated value reaches zero, though, the rider income will be adjusted back to its original amount, and will still continue for the remainder of your life).
*It is important to note that, even though the Enhanced Income Benefit Doubler on the Athene Ascent annuity can help you to pay for some or all of your long-term care related costs, it is not long-term care insurance, nor should it be considered as a substitute for this type of insurance coverage. There are also some somewhat stringent qualification criteria that you must meet in order to have your income amount doubled.
How to Qualify for the Enhanced Income Benefit Doubler
In order to qualify for the Enhanced Income Benefit Doubler on the Athene Ascent annuity, it is required that you meet the following criteria:
- You must be confined to a qualified care facility for at least 180 days
- You must already be in the income stage of the annuity
*Note that the Enhanced Income Benefit Doubler is not available in all states.
Have Any More Questions About the Athene Ascent Annuity’s Enhanced Income Benefit Doubler? Need Additional Unbiased Advice?
Even after reading the “small print” regarding the Enhanced Income Benefit Doubler that is offered as part of the income rider the Athene Ascent annuity, you may still have some additional questions or concerns. (Or, the information that you were provided with may even have made this product more confusing!)
Don’t worry though, because our team of annuity geeks can walk you through a step-by-step explanation of any area of the Athene Ascent annuity, along with its affiliated riders. So, feel free to reach out to us through our secure contact form here and let us know what questions or concerns you may have.
Once you have had the opportunity to obtain nonbiased advice, you will be in a better position to make a decision as to whether or not the Athene Annuity and its corresponding income rider are right for you.