Life Care Funding Benefit Overview
Brookdale Senior Living recently merged with Emeritus Senior Living (under the name Brookdale Senior Living) and continues to offer the Life Care Funding Program as a way to help seniors use their life insurance to fund Senior Living and Long Term Care. Life Care Funding allows a senior to pay for Assisted Living, Skilled Nursing, In-Home Care and Related Services by converting their life insurance policy into a Long Term Care Benefit Plan that is paid directly to the care provider of their choice.
Enrollment in the Benefit Plan can be approved in less than 30 days; and then the Life Care Funding payments are sent monthly to the facility or care provider on behalf of the family. For families with the need to pay for Senior Living or Long Term Care that will not keep their life insurance policy in-force by maintaining premium payments, or are planning to abandon their policy as part of a Medicaid spend down requirement, the Life Care Funding option is a much better choice.
- Simple, no-cost application and review process
- Quick approval and funding (no wait periods)
- No age minimum
- No premium payments
- All types of in-force life insurance qualify
- Monthly payments made directly to care provider/facility
- Provides Funeral Expense benefit
A brother who was managing his sister’s affairs was trying to avoid moving her out of the Assisted Living Community where she was living happily. The community was Brookdale Clare Bridge at Statesville Place. The Brookdale Sales Manager made them aware of Life Care Funding. The brother knew his sister had a Life Insurance Policy but he didn’t know much about it. They contacted Life Care Funding and a Family Services Counselor helped them determine that the policy was a $38,000 Group Life Insurance Policy issued by the US Government to Federal Employees as part of the sister’s retirement plan. After helping the family secure proper documentation, Life Care Funding was able to trade-in the policy for a Long Term Care Benefit Plan that was used to fund the sister’s care so she could stay at the Brookdale community she calls home.
Gender/Age: Female/68
Facility: Clare Bridge at Statesville Place
Policy Size: $38,000
Policy Conversion: $18,200
Monthly Benefit: $2,200
Funeral Benefit $5,000
A resident at The Terrace of Memorial City told a friend that he wanted to stay in his current community but faced financial constraints. That friend began researching possible solutions and learned about Life Care Funding. Timing was fortuitous as the resident was going to allow his policy to lapse. His wife was recently deceased wife and because there were no children, the resident did not see any reason to continue making premium payments. Instead, the friend learned that the policy could be converted into a Long Term Care Benefit Plan. In fact, after paying premiums for years, the resident had a valuable asset in hand. Once the enrollment was complete, there was enough in the resident’s Benefit Account to subsidize monthly rent payments for the next three and a half years.
Gender/Age: Male/73
Facility: The Terrace of Memorial City
Policy Size: $260,000
Policy Conversion: $79550
Monthly Benefit: $1,217
Funeral Benefit $5,000
A father wanted to move from his current retirement community to Homewood at Deane Hill. Although he had Parkinsons and had suffered a stroke, he was resilient and wanted to take advantage of the more active and social environment offered at Brookdale. His family was not sure they could afford the higher rent entailed in the move, especially since their father did not yet qualify to collect benefits under his Long Term Care Policy. The Sales Manager at Brookdale determined that the father had a $150,000 term policy and recommended that they contact Life Care Funding.
Subsequently, a Life Care Funding Family Services Counselor worked with the family to convert the policy into a Benefit Plan that made the move to Brookdale Homewood at Deane Hill feasible.
Gender/Age: Male / 65
Facility: Homewood at Deane Hill
Policy Size: $150,000
Policy Conversion: $41,300
Monthly Benefit: $3,300
Funeral Benefit $5,000
A husband and his wife were in need of Assisted Living but lived in the Mid-West and wanted to move closer to their daughter who lives on the West Coast. The daughter toured several Assisted Living Communities near her home including Brookdale Place of San Marcos and also found Life Care Funding’s website when she was researching how best to fund the costs of long term care. A Life Care Funding Family Services Counselor worked closely with the couple, the daughter and the Brookdale Community Sales Manager to convert the husband’s policy into a Long Term Care Benefit Plan. With the knowledge that they could now afford the community they liked the most, the couple went ahead and sold their house and moved into their new home, Brookdale Place of San Marcos, just down the road from their daughter and her family.
Gender/Age: Male / 73
Facility: Brookdale at Memorial City
Policy Size: $260,000
Policy Conversion: $75,000
Monthly Benefit: $1,775
Benefit Duration: 42 months
Funeral Benefit $5,000
A daughter was referred to Life Care Funding by Emeritus at Cave Spring. She needed help with the costs of moving both of her parents into the community. Both were diagnosed with Parkinson’s and dementia and could no longer live at home. There had been a number of incidents related to falls that required emergency trips to the hospital. Unfortunately, they had very little in savings and were living in a rented apartment. However, they still owned a $50,000 life insurance policy and learned that they could convert it into a Life Care Benefit that would help them with the costs of moving into Cave Spring. Working with Life Care Funding, they set up their Benefit Account to help with the costs of residence for the next two years and were able to move out of their apartment and into their new home at Cave Spring.
Gender/Age: Female / 74
Facility: Cave Spring
Policy Size: $50,000
Policy Conversion: $13,660
Monthly Benefit: $465
Benefit Duration: 24 months
Funeral Benefit $2,500
Life Care Funding was contacted by the Business Office Director of Emeritus of Lake Point, GA regarding a couple that required financial assistance in order to become residents. The wife owned a $376,000 life insurance policy that she was planning to abandon in order to save money on premiums. Instead, they were able to convert that valuable asset in to monthly benefit that paved the way for a move into their new community.
Gender/Age: Female / 76
Facility: Lake Point
Policy Size: $376,000
Policy Conversion: $104,000
Monthly Benefit: $5,000
Benefit Duration: 22 months
Funeral Benefit $5,000
The resident was running short on funds and could no longer afford to pay the premiums on her life insurance policy and make her payments in full to the community. The CRD at Lexington Gardens knew she had to decide what she was going to do about her policy and how she would not start falling behind on her monthly payments to the community. They suggested she contact Life Care Funding to look into converting the policy into a monthly Long Term Care Benefit that could help with her monthly rent, instead of just letting the policy lapse. She worked with a Life Care Funding Benefit Specialist to review her options and made the decision to convert the policy instead of abandoning it. With the monthly Benefit in place, she was able to extend her ability meet her monthly payments to the community for another year.
Gender/Age: Female / 81
Facility: Lexington Gardens
Policy Size: $20,000
Policy Conversion: $4,700
Monthly Benefit: $350
Benefit Duration: 12 months
Funeral Benefit $500
A couple was considering the redemption of their life insurance policy for cash value in order to pay off debts and cover the initial cost of long term care. Instead, they were able to realize a much higher value by converting the policy into a Benefit Plan with Life Care Funding. With additional resources in hand, they were able to select the community of their choice, Plaza on the River.
Gender/Age: Male/71
Facility: Plaza on the River
Policy Size: $50,000
Policy Conversion: $31,300
Monthly Benefit: $1,000
Benefit Duration: 33 Months
Funeral Benefit $3,300
A family was searching for an assisted living community for their widowed mother because she was no longer able to live on her own. Emeritus at Mandarin was an ideal option but was more expensive than they could afford. The Community Relations Director asked if their mother had a life insurance policy and told them about Life Care Funding. The family reviewed their mother’s files and came across an $81,000 group life insurance policy from her previous employer that had carried forward with her retirement. Life Care Funding was able to convert the policy to a Long Term Care
Benefit Plan and the family was able to move forward with Emeritus.
Gender/Age: Female / 82
Facility: Mandarin
Policy Size: $81,000
Policy Conversion: $32,850
Monthly Benefit: $1,200
Funeral Benefit $4,050
The son contacted Life Care Funding about his father’s financial circumstances at Quail Ridge. He had been in residence for the last four years, but due to increasing financial pressures involving healthcare for his mother they had fallen behind and were now $10,000 in arrears to the community. He was informed that a life insurance policy his father owned could be converted into a Long Term Care Benefit that could help with the situation. Life Care Funding was able to quickly analyze the policy and determine that they would qualify. Once the policy was converted, they were able to catch up on the past due amount to the community and move forward with a monthly payment that would secure them for the rest of the year.,/p>
Life Care Funding received this note from the family:
“My heart felt gratitude to you. Thank you so much. You have given me wonderful news today that I needed so badly. This will help my father and his finances as well as my own! And now I can be caught up with Quail Ridge and back on schedule. He has been at Quail Ridge for over 4 years. Just got off the phone with the business office. They are very happy for me and my family. Again thank you so much for the great news you have given me today!!”
Gender/Age: Male / 83
Facility: Quail Ridge
Policy Size: $50,000
Policy Conversion: $31,300
Monthly Benefit: $2,660
Benefit Duration: 7 Months
Funeral Benefit $2,500
A woman who was living comfortably at Emeritus at Terrace Estates had a life insurance policy that was causing the family considerable problems. The life insurance company kept sending them lapse notices even though they insisted they had paid the premiums. The premium amount was continually increasing and the family was getting ready to abandon the policy out of frustration. The Emeritus Community Relations Director learned of their issues and told them about Life Care Funding. Rather than lapsing the policy, the family was able to convert the $65,000 policy into almost $20,000 in care.
Gender/Age: Female / 87
Facility: Terrace Estates
Policy Size: $65,000
Policy Conversion: $19,775
Monthly Benefit: $1,115
Funeral Benefit $3,250