With the growth of America’s baby boomer population, issues surrounding the long term care industry have taken on a new found importance. Even through careful retirement planning, unforeseen circumstances can create an entirely different set of needs, practically overnight. Too often these topics are forced upon us when an immediate senior care option is needed for us or our family members. When this happens many seniors assume their only option is to abandon the policy in order to qualify for Medicaid. Understanding your other options is one the most important steps you can take to protect yourself and the ones you care about. One of the new alternatives being used more and more, is the consumer’s right to convert an existing life insurance policy into an asset that can be used to pay for a long term care benefit plan. This conversion option can provide a much better value than simply surrendering the life policy. Life Care Funding has become an industry leader in this practice and is quickly building a network of trusted partners, including nursing and assisted living communities.
Recent state legislation, facilitated in many cases by Life Care Funding’s CEO, Chris Orestis, has helped seniors and their families explore the possibilities available to them when the need for long term care arises. Legislation in states such as Florida, Texas and Maine, among others, has allowed the state’s Medicaid departments to advise insurance policy owners on their conversion option, rather than simply surrendering the policy. Chris is often a featured speaker at these events as well as a contributor to many industry publications concerning this subject. Learning the legal rights of the owner of a life insurance policy is important to making an informed decision.
Producer’s eSource interviewed Life Care Funding’s CEO, Chris Orestis, on how the life insurance conversion option is fundamentally changing today’s long term care industry for the better. Today’s consumers now have more opportunities for choice when facing these difficult decisions. Read the entire Produces eSource article by clicking here.