Alliance will help educate millions of consumers about their legal right to convert a life insurance policy into a long term care benefit plan
Life Care Funding Group announced today the launch of a strategic partnership with Virtual Health, the first subscription-based, Aging-in-Place service provider that leverages cutting edge technology with national health providers to offer seniors “control, independence and dignity” and family care givers “a helping hand”. As part of the holistic approach to care, Virtual Health is partnering with Life Care Funding to provide greater access to its service portfolio of home health monitoring tools, in-home meal delivery, transportation and financial solutions.
At a press conference in New York City today, Virtual Health CEO Alex Go explained that their service portfolio closes the loop between the senior, their physician and their family caregiver using a combination of a nationwide triage call centers and easy to use, FDA cleared medical devices that measure blood pressure, weight and glucose levels. With patient consent, this information is available for their loved ones via web access. In addition, Virtual Health will be offering access to the Life Care Assurance Benefit in conjunction with Life Care Funding Group.
Millions of seniors allow life insurance policies to lapse or be surrendered because they do not know they have the legal right to convert those policies to a long term care benefit plan. “Probably the most difficult aspect of long term care is the finances”, said Mr. Go, “our mission is to make every aspect of the senior’s life easier, and by working with Life Care Funding Group we are opening up a door for seniors across the country to set up a long term care benefit plan with their life insurance policies instead of throwing them away.” 153 million Americans own over $10 trillion worth of life insurance– unfortunately billions of dollars worth of policies owned by seniors are abandoned every year.
Seniors are unaware of their legal options to use a life insurance policy. The majority of senior policy owners moving toward long term care will abandon their policy because they are either unable to afford the premium payments and/or it is an unqualified asset for Medicaid eligibility. “For years seniors have been abandoning life insurance policies because they have not been informed of their options”, explained Chris Orestis, CEO of Life Care Funding Group, “and these same policies can be quickly converted into a long term care benefit plan set up to help cover the monthly costs of long term care.” “We are looking forward to working with Life Care Funding Group”, said Mr. Go, “we believe one of the surest ways we can bring a quality lifestyle to seniors and their families is by helping them address potential financial shortcomings through a long term care benefit plan.”