A retired insurance agent trades-in life insurance to fund his care (twice) $50,000 Universal Life with $18,000 loan. The applicant’s daughter called about her father needing help with the costs of long term care in an assisted living community. They were running out of money but did not want to have to relocate their father into a nursing home. Her father had been a career life insurance agent and suggested that they contact Life Care Funding and look at trading-in one of his policies for…
Posts tagged "Assisted Living"
The applicant’s son called to inquire about trading-in a life insurance policy they were planning to abandon. His mother was unable to live at home alone any longer and they were looking into Assisted Living but needed financial help. Their mother owned a $100,000 life insurance policy. He completed a Life Care Funding application and submitted it along with policy information, authorizations and medical records. The family moved their mother into the Assisted Living community she was hoping to reside in with a number of…Assisted Living, Cost of Care
New York Times By PATRICK EGAN This fall, my father sat down for a semi-annual assessment with staff members at his assisted living facility in Tinton Falls, N.J. They decided his condition — at 72, he has advancing Parkinson’s disease — necessitated an upgrade to the next level of care. The meeting yielded an upgraded bill, too: a nearly 18 percent bump, about $12,000 a year. Most assisted living residents foot the bill on their own or with help from family. Cost increases typically come…Assisted Living, Cost of Care
There are over 60,000 assisted living and nursing home properties throughout the United States. More than 2,000,000 people reside in these properties, but over the last ten years the differences between assisted living and skilled nursing have become less distinct. There are a number of contributing factors to consider: pressure on Medicare and Medicaid budgets, private pay services such as Alzheimer’s care, personal tastes of the aging Baby Boomers, and the economics of the facilities themselves. Assisted Living facilities have increased the level of service…Assisted Living, Nursing Home
The New York Times correctly identified a critical problem that will only grow for both seniors and the Assisted Living industry: the virtual collapse of the U.S. housing market. The drop in home values and the difficulty sellers are having finding buyers is severely hampering the ability of seniors and their families trying to raise enough money to be able to move into assisted living homes. In June, 2008 the National Association of Home Builders released a report showing almost $500 billion in home equity…Assisted Living, Economic Crisis