With rising health care costs, many Medicare participants use Medicare supplement insurance to help cover expenses that Medicare does not.

However, many still struggle to pay the premiums for their Medicare supplement insurance. Surprisingly, another insurance product — one that can guarantee a monthly income stream — might be the solution. A single premium immediate annuity — or a SPIA — can guarantee a source of income for life in exchange for a lump sum premium payment.

SPIAs are the only product that can guarantee that you won’t outlive your savings and offer financial security for living a long life.

Here’s how it works:

1. Purchase a Medicare supplement policy with help from a licensed insurance agent.

2. Your financial advisor can help you purchase a SPIA with a payout that will cover your Medicare supplement premium and other expenses.

There’s no guarantee you can completely fund the premiums throughout the duration of your SPIA policy. But an SPIA can help keep your Medicare supplement policy in force by providing a guaranteed income.

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