A policy is converted to spend-down for Medicaid and a family recovers out of pocket expenses.
Their father was suffering from Parkinson’s Disease and needed to move into a nursing home. He owned a $100,000 life insurance policy that counted against him for Medicaid eligibility. The nursing home referred him to Life Care Funding to trade-in in his policy for a Long Term Care Benefit Plan. The family had also spent some money on his care at home as they were looking for the right nursing home and applying for Medicaid. Once the policy was converted the family was able to recover their verified out of pocket healthcare expenses, and the monthly benefit payments to the nursing home started immediately. He became Medicaid eligible once the Long Term Care Benefit had been spent down.
One time payment $20,000
$4500 monthly benefit- 5 months
$5000 death benefit