PORTLAND, Maine—Life Care Funding announced today the introduction of the Life Care Benefit Plan to five of the top ten Private Duty Homecare Franchises in the United States: First Light, Griswold, Senior Helpers, Synergy, and Visiting Angels. Life Care Funding converts a Life Insurance Policy into a Long Term Care Benefit Plan to pay for the costs of any form of Senior Care including Private Duty Homecare.
12 million Americans receive long term care every year and the predominant majority receives their care at home. The Long Term Care Commission report issued in September placed a heavy emphasis on two things: 1) Homecare and “aging in place”; and 2) finding more private pay options. Homecare companies such as these will play a critical role in the delivery of high quality, affordable Senior Care services. The challenge is that seniors and their families are facing tough financial decisions about how to pay for their Senior Care.
The Life Care Benefit converts a life insurance policy death benefit into a living benefit; it is not long term care insurance and it is not a policy loan. It is a unique financial option for seniors because all health conditions are accepted, and there are no wait periods, no care limitations, no costs to apply, and there are no premium payments. The Long Term Care Benefit Plan is a Medicaid qualified spend-down designed to keep someone private pay as long as possible. Enrollment takes 30-45 days and then the monthly payments begin immediately to cover Senior Care services.
First Light, Griswold, Senior Helpers, Synergy, and Visiting Angels have all taken the pro-active approach to inform seniors that they can use their life insurance to pay for care and are making access to the Long Term Care Benefit Plan option readily available and convenient.
“As an alternative to abandoning a life insurance policy, the Life Care Benefit is an irrevocable, FDIC insured Benefit Account that is administered to extend the time a person would remain private pay and delay their need to go onto Medicaid”, said Chris Orestis, CEO of Life Care Funding. “We are excited to be working with such an impressive group of Homecare industry leaders to help people struggling to meet the costs of Senior Care.”
About Life Care Funding Group:
Founded in 2007, Life Care Funding assists people in need of funds to cover the costs of senior housing and long term care by converting the death benefit of an in-force life insurance policy into a Long Term Care Benefit Plan.