Use Your Life Insurance Policy to Pay for Long-Term Care Leaders from the Long Term Care Industry, Life Settlement Industry, and Law Makers Speak Out in Favor of Using Life Insurance to Pay for Long Term Care Using your life insurance to pay for long term care is easy, because consumers have the legal right to convert their life insurance’s death benefit into a living benefit that can be used to pay for Long Term Care services. Homecare providers, Assisted Living communities, Nursing Homes, and…
Posts tagged "Financial Assistance for Seniors"
David Bakke is a contributor for Money Crashers and writes about money management tips related to insurance, healthcare, investing, long term care costs, and retirement. Chris Orestis, CEO of Life Care Funding contributed to this article. The cost of long term care nowadays is staggering. The average annual cost of a nursing home is $63,145, a home health aide is $40,040, and homemaker services are $38,896. Partner all that with the fact that many of the government programs we rely on to subsidize these costs are…baby boomers, Financial Assistance for Seniors, Long Term Care, Nursing Home, Retirement Funding
Life insurance industry expert, Chris Orestis, goes on a nationwide radio tour to inform seniors of new possibilities to help pay for long term care. Chris is working to get the word out to seniors and their families that they can use a life insurance policy to pay for long term care whether home care, assisted living or nursing home care. Many seniors who need care have to go through a Medicaid spend down to qualify for Medicaid which means they must use a Medicaid…Cost of Care, Financial Assistance for Seniors, Long Term Care, Medicaid, Senior Care
If the Long Term Care Insurance Market Collapsed, How are Seniors going to Pay for Care? In 2000, there were over 100 Long Term Care Insurance Companies and today there are maybe a dozen What happened? In less than 15 years the long term care insurance market has almost disappeared. Major insurance companies such as MetLife, Prudential, UNUM, and the Guardian have quite the market and no longer sell policies. The only companies left have been forced to raise premiums on families that bought policies…Cost of Care, Financial Assistance for Seniors, Insurance Conversion, Long Term Care, Long Term Care Cost, Long Term Care Insurance, Senior Issues
Seniors beware of life insurance loan and credit funding programs that could disqualify you from future Medicaid eligibility. Seniors that own life insurance policies can convert their death benefit into a living benefit to help pay for Senior Care Services. The practice of converting a life insurance policy into a Life Care Benefit has been an accepted method of payment for Private Duty In-Homecare, Assisted Living, Skilled Nursing, Memory Care and Hospice Care for years. Instead of abandoning a life policy because they can no…Consumer Protection, Cost of Care, Elder Care, Financial Assistance for Seniors, Insurance Conversion, Medicaid, Senior Life Insurance
Life Care Funding has been a Senior Care Rights advocate for years fighting to make sure seniors know they have the right to use a life insurance policy to pay for Elder Care services Life Care Funding was founded with the sole purpose of helping seniors remain financially independent so they can choose the form and setting of elder care services they want. Whether it is Private-Duty Homecare, Assisted Living, Nursing Home Care, Memory Care, or Hospice Care; seniors have the legal…Elder Care, Financial Assistance for Seniors, Senior Care, Senior Issues
Legislative Overview: Medicaid Life Settlement conversion of a life insurance policy into a Long Term Care Benefit Plan NEW YORK STATE ASSEMBLY, SENATE HEALTH COMMITTEE BILL NUMBER: S5721 As New York becomes the eighth state to introduce legislation to promote Medicaid Life Settlement conversions of life insurance policies into Long Term Care Benefits, and Texas becomes the first to enact this legislation into law, Life Care Funding was asked to provide some insight and commentary into what this new law means for consumers seeking the…Elder Care, Financial Assistance for Seniors, Life Insurance Settlements, Long Term Care Cost, Medicaid
According to the National Institutes of Health, nearly seven in 10 people over age 65 will need long term care at some point in their lives. But a recent poll by the AP-NORC Center for Public Affairs Research finds that most Americans don’t believe they’ll ever need long-term care, and don’t plan much for it. A bill in Maine seeks to help seniors pay for this care by using life insurance policies. As Patty Wight reports, supporters say the bill gives seniors more choice about their care and saves the state’s MaineCare program money.Financial Assistance for Seniors, State Bills, State Health Care
Beverley Martin is a nurse who has spent years working in hospitals. Still, she says she wasn’t quite prepared emotionally for when she had to put her elderly mother in a nursing home.
“It was terrifying for one thing. Because, you know, you can be in the business forever, but when it affects someone in your family, you really don’t know where to turn.”Financial Assistance for Seniors, Long Term Care
Wife converts policy so she can move husband from a facility they are not happy with into an assisted living community close to home. Her husband was an attorney but now suffering from Alzheimer’s and unable to care for himself any longer. At first, she had been caring for him at home and then had moved him into a local facility, but for safety reasons she needed to move him to a specific Alzheimer Care community. She had been contemplating tapping into their 401K and…Financial Assistance for Seniors, Long Term Care