A Long Term Care Benefit Plan is the conversion of an in-force life insurance policy into an irrevocable, FDIC-insured Benefit Account that is professionally administered with payments made monthly on behalf of the individual receiving care. This option extends the time a person would remain private pay and delays their entry onto Medicaid. The Benefit is administered specifically to be a Medicaid qualified spend-down of the asset proceeds. 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, no requirement to be terminally ill, and there are no premium payments.
Policy owners use their legal right to convert an in-force life insurance policy to enroll in the benefit plan, and are able to immediately direct monthly payments to cover any form of senior care they choose: Homecare, Assisted Living, Nursing Home, Memory Care, and Hospice.
1) In-force life insurance policy (Term, Universal, Whole and Group) with a death benefit between $50,000-$1,000,000
2) Current need for Homecare, Assisted Living, Nursing Home Care, Memory Care, or Hospice (within 90 days of enrollment)