Life Care Funding to Testify Before Florida Senate in Support of Legislation Supporting Conversion of Life Insurance Policies to Pay for Long-Term Care as a Medicaid Spend-Down
Chris Orestis, CEO, Life Care Funding, will testify before the Florida Senate Committee on Banking and Insurance. HB 535 and SB 794 are the first bills in Florida to allow life insurance policy owners to convert their policy into a Long Term Care Benefit Plan as part of a Medicaid qualified spend-down.
Too often seniors who have paid life insurance premiums for years abandon those policies as they begin preparing for long-term care. Either they can no longer afford the premium payments or their policy is considered an asset that will count against Medicaid eligibility. Life Care Funding provides an alternative option to the lapse or surrender of an in-force life insurance policy to help a family pay for assisted living, home health or nursing home care.
Benefits of Private Market Life Insurance Policy Conversions include:
- The policy owner and his/her family are able to obtain fair market value for their life insurance policy.
- Providers of long-term care services benefit because they are operating under extremely thin margins – private pay dollars translate to higher quality services for everyone under their care.
- The longer a person can remain private pay before becoming Medicaid-eligible, the more budget/tax savings for the state of Florida’s Medicaid program and its tax payers.
About Life Care Funding
Founded in 2007, Life Care Funding (LCF) assists people in need of funds to cover the costs of senior housing and long-term care. Working with over 4,000 senior-living and long-term care providers in the United States, LCF originated and is the market leader of converting the death benefit of an in-force life insurance policy into a Long Term Care Benefit Plan to help pay for skilled nursing home care, assisted living, home health care, and hospice. Life Care Funding (www.lifecarefunding.com) can be reached at 1-888-670-7773 or firstname.lastname@example.org.
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