The Senior Market Expo will involve current private pay funding options to cover the cost of long term care for seniors
(August 1, 2011) – A panel discussion entitled Consumer Disclosure Law: The Changing Face of Long Term Care Funding will take place in Las Vegas at the Annual Senior Market Advisor Expo. The panel session will be led by Life Care Funding Group with CEO Chris Orestis as host and moderator. Panelists will include Jayne Sallerson Executive Vice President of Emeritus Senior Living, David Kitaen, CLTC one of the first long term care insurance producers in the United States, and Rep. Rob Damron (KY) immediate past president of the National Conference of Insurance Legislators (NCOIL).
The interactive session will cover options on how today seniors can provide funding for their long term care. The growth in the Baby Boomer population is provides the challenges and the urgency to find ways to fund these retirement cost. Pressure on government programs like Medicaid and Medicare are exacerbating this problem. “I have been selling LTCi for over 20 years, but I have never seen the situation in this country more desperate for solutions”, said David Kitaen, CLTC. “Having recently helped place someone in long term care by converting their life insurance policy they were about to lapse into an Assurance Benefit, I can speak first hand about the importance of these kind of win-win options for the consumer.”
Recent steps by the National Conference of Insurance Legislators (NCOIL) shows that dealing with the seniors reaching the age requiring care is impacting government budgets in an adverse way. The Life Insurance Consumer Disclosure Model Law unanimously passed by NCOIL will be discussed during the expo. The model law is intended to be “a strong stand for life insurance policy owners and would empower consumers through education about their options”, said Rep. Rob Damron of NCOIL.
Most people do not have a proper understanding of long term care, the various ways it can be paid for, and many do not even plan for the cost until a care needs arise. When the high cost of long term care is add to the limited budgets of most seniors and their families, the extra burden can become overwhelming.
“Our goal at Emeritus is to ensure that seniors are properly cared for, and part of that goal is to help families with the financial decisions and details involved in caring for their loved ones,” said Jayne Sallerson, EVP, Sales &Marketing at Emeritus. “Many seniors and families are unaware that their life insurance policies are valuable assets and can be used in this way, and as a result some let active policies lapse. We hope that we can help educate seniors about their resources, so that more seniors can have access to the long term care that they need.”
The Senior Expo with all include representatives from politics, Senior Living, insurance producers and private market funding solutions will all be part of this panel discussing the increasingly complex problems faced today in figuring out a way to pay for retirement care needs.
“There is a perfect storm of economic, demographic and political circumstances converging that threatens to blow seniors out of the water. The aging population is increasing while at the same time available dollars to pay for long term care decreases. Political leaders are looking to make deep cuts in Medicaid now and will be forced to address Medicare and Social Security soon whether they like it or not”, said Chris Orestis. “Private funding options to pay for long term care will play an increasing role in the equation and this panel is configured to discuss the situation from the perspective of the consumer, the long term care service provider, and the government.”
About Life Care Funding
Life Care Funding Group (www.lifecarefunding.com) can be reached at 888-670-7773 or firstname.lastname@example.org.