Unprepared for the Future Americans are doing little to prepare for long term care and are not very concerned. And maybe they don’t need to be concerned— because they need to be terrified! A recent poll released by AP-NORC Center for Public Affairs Research, and reported in the national media, verified a major factor contributing to the long term care funding crisis in this country: Two out of every three people over the age of 40, according to the poll, have made no plans about…
Long Term Care, Long Term Care Cost, Senior Issues, Senior Life Insurance
Chris Orestis, CEO, Life Care Funding, will testify before the Maine Senate Committee on Insurance and Financial Services. LD 1092 is the first bill in Maine to inform life insurance policy owners that they can convert a policy into a Long Term Care Benefit Plan as part of a Medicaid qualified spend-down.
Long Term Care Insurance, State Bills, State Health Care, Testimony
This video explains the process of converting your life insurance plan into an immediate long term care benefit account to pay for the cost of senior care. Any type of life insurance could qualify for a long term care benefit plan, to help with the ever rising cost of senior care. Contact Life Care Funding today to see how we can help you and your loved ones.
HB 2383 and SB 1321 Testimony before the Texas House Committee on Long Term Care Tuesday, March 26, 2013 Presented by Chris Orestis, CEO of Life Care Funding My name is Chris Orestis and I am the CEO of Life Care Funding. Our company was founded five years ago with the mission to help seniors and their families extend their ability to pay for their choice of long term care by converting a life insurance policy into a Long Term Care Benefit Plan. Too…
Long Term Care Insurance, State Bills, State Health Care, Testimony
A life insurance conversion into a Long Term Care Benefit Plan is not a long term care insurance policy, annuity, any form of hybrid life/LTCi policies, or an accelerated death benefit– it is actually converting the life insurance policy for a pre-paid, Long Term Care Benefit Plan that covers the monthly burden of high care costs. The Long Term Care Benefit Plan is a unique financial option for seniors because there are no wait periods, no care limitations, no costs to apply, no requirement to…
Elder Care, Long Term Care Cost, Long Term Care Insurance
The report and accompanying legislation includes the “Private Option” to convert a policy into a Long Term Care Benefit Plan modeled after Life Care Funding (see page 6 of the Medicaid Department Report). A powerful coalition of interests have come together to support the use of life insurance as a tool to pay for the costs of long term care. The Florida Health Care Association, the Florida Chamber of Commerce, AARP, the Florida Assisted Living Federation, the life insurance industry (carriers and agents), and the…
Insurance Conversion, Medicaid, State Bills
The Long Term Care Benefit conversion option is designed to serve a large but ignored population. This large population of middle market life insurance policy owners with polices under $500,000 of death benefit value end up either lapsing or surrendering their in-force life insurance because they can no longer afford to pay the premiums and/or they are on a Medicaid spend down path. Owners of small face policies with an immediate need for long term care are not ideal candidates to purchase a long term…
Insurance Conversion, Senior Life Insurance
By Mary Agnes Carey KHN Staff Writer Dec 04, 2012 The impending “fiscal cliff” is a package of automatic spending cuts and tax hikes set to kick in next month unless President Barack Obama and Capitol Hill agree on a way to stop them. Negotiations to avert the cuts are ongoing and both sides have exchanged offers. The president and congressional Democrats have said they will reduce spending on entitlements, including Medicare, if Republicans will agree to increase tax rates on the highest earners. While…
Health Care for Seniors, Senior Issues
ProducersWeb.com By Chris Orestis Life Care Funding Group Less than 20 years ago, there were dozens of major insurance companies selling long-term care insurance (LTCI). Today, there are under 30. The paradox is, why, just as baby boomers started turning 65 at a pace of 10,000 per day, is the LTCI market shrinking instead of booming? The list of companies that have abandoned the LTCI market is a who’s-who of insurance industry giants: MetLife, Prudential, AIG (American General), Guardian, UNUM, Allianz and CNA, to name…
Insurance Conversion, Long Term Care
Care Improvement Plus and National Family Caregivers Association survey underscores the growing demands placed on those caring for loved ones with complex health care needs BALTIMORE–(BUSINESS WIRE)–Seventy-five percent of people caring for Medicare beneficiaries with complex health care needs have an annual income of less than $25,000, yet a majority provide financial support to their loved one, according to a new survey by Care Improvement Plus and the National Family Caregivers Association. Financial worries, diabetes care and care coordination are among the greatest challenges facing…
Cost of Care
As published in BenefitsPro By Paula Aven Gladych Most consumers aren’t sure they will be able to cover their long-term care costs in retirement. That lack of confidence increases as people age. A report by The Insured Retirement Institute found that 28 percent of Generation X are confident they will be able to meet their long-term care costs, but only 24 percent of Baby Boomers have the same opinion. “There’s an out-of-sight, out-of-mind mentality regarding long-term care,” IRI President and CEO Cathy Weatherford said. “As…
Elder Care, Retirement Funding
Seniors and their families are already struggling with the costs of everyday living, if you add the costs of long term care to the picture it is a back breaking scenario for most Americans. A critical element of preparing for the costs of long term care is to understand the variety of “Private Pay” sources that can give you access to funds designed to help them pay for the various forms of long term care. Statistics show that the majority of people do not understand…
Long Term Care, Retirement Funding
The impact of the long term care funding crisis is felt most directly by the middle class. People that have worked their entire lives and have planned responsibly for the future through the purchase of a life insurance policy find themselves penalized when they reach the point that they require long term care. Compared to the 153 million Americans that own a life insurance policy, less than 10 million own a long term care insurance policy. Medicaid is the default funder of long term care…
Medicaid, Senior Issues, Surrender Life Insurance
Consumer Rights Middle class policy owners and their families are caught in the ironically unfortunate position of not being poor enough to automatically qualify for Medicaid, but they are not wealthy enough to access the care they need with enough out-of-pocket funds. In America, the vast middle class market is financially punished for being caught “in the middle” when they reach the point that a loved one requires long term care. When a family has a life insurance asset to work with, the ultimate decision…
Consumer Protection, Insurance Conversion, Long Term Care Insurance
September 27th, 2012 | by Alyssa Gerace Published in Reverse Mortgage Daily There’s a national movement to facilitate seniors’ desire to remain in their homes, but as many households’ savings dwindle, more products are also coming to the market to facilitate aging in place. While reverse mortgage volume still remains low in the wake of big bank exits and sluggish home value recovery, one new option has come to the market that has one similar goal of helping people age in their homes. Instead of…
Financial Assistance for Seniors, Senior Life Insurance
