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 approved care facility. Chris says there is no reason to settle for a Medicaid care facility when you can convert a life insurance policy into a long term care benefit account that will pay the care provider of choice, monthly. Seniors and their families can choose the home or care facility of their choice, not the Medicaid facility, and still have money to pay for funeral expenses with anything left over going back to the family. This Medicaid life settlement model has recently been endorsed by the Texas Legislature as an effective means to fund long term care. Life Care Funding has been converting policies for seniors for over five years.
Unfortunately, many seniors choose to just drop their policies when the premium becomes difficult to continue paying. Seniors who drop policies miss out on the opportunity to benefit from the policies intrinsic value. “A life insurance policy is simply an asset just like a home or car, and these assets have value to seniors” says Orestis. Life Insurance companies do not advertise this as an option simply because they profit when no death benefit is paid out. Orestis has been lobbying state legislatures to make the public aware of the option to sell their life insurance policy rather than dropping it or allowing it to lapse. Life insurance policies can be sold for between 30% and 60% of the policy’s death benefit. The money earned from the sale can be put into an irrevocable fund designated specifically for their care.
This is preferable to going straight into Medicaid. Many times seniors and their loved ones lose control over an individual’s care once Medicaid becomes involved. This option allows seniors and their families to choose a place where they can be happy and comfortable while saving taxpayers millions of dollars per year.
Chris Orestis will appear on several upcoming talk shows to discuss this very topic and help explain options particularly using an in-force life insurance policy to pay for care. He has already been interviewed on WOCA radio of Ocala during the morning ‘Health Matters’ segment with host Larry Whitler. Listen to the Chris Orestis radio tour on these radio stations during the following shows:
- WNAV radio of Baltimore with host Bill Lusby: Friday, July 19 at 8:35am CST
- KXFN radio of St Louis with hosts Kelley & Cassandra: Tuesday, July 23 at 6:30pm EST
- WGCV radio of Columbia, SC with host Armstrong Williams: Wednesday, July 17 at 4:00pm EST
- Syndicated Issues Today Radio Network with host Bob Gourley: air date to be announced
- KAHI radio of Sacramento during “Poppoff with host Mary Jane Popp”: airs evening of July 30th. Exact time to be announced