Phoenix Launches Single Premium Immediate Annuity Designed to Assist with Medicaid Planning

HARTFORD, Conn.--()--The Phoenix Companies, Inc. (NYSE: PNX) is introducing Phoenix FamilyShield AnnuitySM, a single premium immediate annuity designed to meet regulatory provisions that allow individuals to provide an income stream for their spouses in the event that they are in need of Medicaid or other government assistance programs.

“At some point in their lives, many people face the challenge of how to pay for nursing home care. For those who do not have long-term care insurance, Medicaid or other government programs may cover some of the cost of this care. As part of the specific asset and income guidelines, these programs permit an individual to use marital funds to purchase a certain type of annuity so as to provide an income stream for a loved one,” said Philip K. Polkinghorn, senior executive vice president, business development. “In short, this product may help protect and maintain a dignified standard of living for the healthy spouse.”

Phoenix FamilyShield Annuity contract features are designed to make the product satisfy specified Medicaid regulations.

The product can be customized with a choice of premium amounts and payment periods:

  • It must be funded with a minimum single premium payment of $10,000. Acceptable sources include non-qualified and qualified/IRA funds.
  • It will immediately begin a monthly stream of income payments for a specified period of time, between two and 30 years. If the owner/annuitant dies before the payment duration is complete, the remaining monthly payments will continue to be paid to a designated beneficiary.
  • As required by Medicaid regulations, there is no cash value that can be withdrawn from this annuity. Once issued, the annuity is irrevocable, non-transferable and non-assignable. Due to these restrictions, the Phoenix FamilyShield Annuity is generally only appropriate for individuals and spouses who are applying for Medicaid or other government benefits.

Phoenix FamilyShield Annuity was developed in conjunction with The Ohlson Group, Inc., which will be one of the select distributors for the product working with Saybrus Partners, Phoenix’s distribution company.

Since Medicaid regulations vary by state and are subject to change, Phoenix makes no guarantees that purchase of the Phoenix FamilyShield Annuity will result in eligibility for assistance. Consumers are required to work with knowledgeable professionals, including attorneys and financial advisors to determine whether the product is right for them.

Annuity payments are fixed and guaranteed by the claims-paying ability of the issuing company, Phoenix Life Insurance Company or PHL Variable Insurance Company, depending on the state of issue.

To learn more about Phoenix FamilyShield Annuity and other annuity products available from Phoenix, agents and financial advisors can contact their Phoenix wholesaler or the Life and Annuity Sales Desk at Saybrus Partners at 888-794-4447, or visit


Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities. Phoenix offers a complete suite of annuity products with a full spectrum of optional guarantees. Phoenix annuity products are designed with maximum flexibility to help customers meet a range of retirement income needs. The Phoenix Companies is headquartered in Hartford, Connecticut. Phoenix Life Insurance Company and PHL Variable Life Insurance Company (PHLVIC) are wholly owned subsidiaries. PHLVIC is not authorized to conduct business in New York or Maine. . The Phoenix Companies, Inc. is not affiliated with The Ohlson Group, Inc. For more information, visit


Saybrus Partners, Inc. is an organization of experienced insurance professionals that provides distribution consultation services to partner companies as well as support Phoenix’s product line. It is a subsidiary of The Phoenix Companies, Inc., with corporate headquarters in Hartford, Connecticut and consulting representatives located across the United States. For more information, visit

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The Phoenix Companies, Inc.
Alice Ericson, 860-403-5946

Release Summary

Phoenix launches single premium immediate annuity designed to assist with Medicaid planning


The Phoenix Companies, Inc.
Alice Ericson, 860-403-5946