Question
Family member, 63 years old, disabled, receives ssdi and Unum
Good morning,
Family member is 63 years old, disabled, receives ssdi and Unum long-term. This year medical expenses and care for him has become a little bit challenging with care. He would like to withdraw money from ira to pay for medical expenses and for personal care. Lost hearing, and new onset dementia. If we do a onetime withdrawal from the funds how will this affect Unum monthly payments?
Family member is 63 years old, disabled, receives ssdi and Unum long-term. This year medical expenses and care for him has become a little bit challenging with care. He would like to withdraw money from ira to pay for medical expenses and for personal care. Lost hearing, and new onset dementia. If we do a onetime withdrawal from the funds how will this affect Unum monthly payments?
Answer
It could be an offset under the policy. It the IRA represents funds that were rolled over from an employer provided retirement plan then it could be subject to offset. The “Other Income” provisions of the policy would be the relevant plan language. Your family member can also ask their claims representative if they had to do the scenario you provided would it affect the monthly benefit to be paid.
