Many families don’t realize a loved one needs long term care or that they are in fact already acting as a care provider for a loved one. We often encounter people who are getting care from friends and family and really should be moving towards professional care—they just don’t realize it yet and will say they don’t need care.People in need of long term care are not always obvious and can seem to be living independently when they should actually be receiving homecare or assisted living.
- For example, we have talked with families and asked about ADL’s such as can they shower for themselves.The response sometimes is “of course they can” but then we will hear more details such as: “but I do help them get in and out of the shower and I stand by while they are in there, and I also turn on the water to make sure it is not too hot”—but other than that they shower on their own”. The reality is that this person cannot shower for themselves and is already receiving family based care.
Many families also don’t understand long term care or how to pay for it. Most life insurance policy owners don’t realize they have the legal right to sell and convert a policy into a Life Care Benefit to pay for their Senior Care needs.
In the case of a recent enrollment, Life Care Funding worked with a family that did not realize the extent of their need for long term care until after we had concluded our review process. The policy owner and his family were not taking into account the long term care related factors of his current health situation. The policy owner was experiencing declining health and had just completed an extended skilled rehabilitation stay of 6 weeks. No one had yet considered the factors contributing to the growing need of long term care assistance. Their agent contacted us to see if we could take a look and possibly help them with the conversion of their life insurance policy into a Life Care Benefit. We reviewed the case and analyzed themost recent rehab records and interviewed the caregiver and family to determine serious gaps of information that were causing the family to underestimate the level of care necessary in this situation. Within a week we were able to determine that the policy owner should receive a significant valuation to convert the policy and immediately start their benefit payments. The family enrolled in the Life Care Benefit Plan, and we were also able to help them access a selection of Homecare companies to make sure the client would be receiving the best possible care for the next two-three years—which they can now afford.
About Life Care Funding
Founded in 2007, Life Care Funding (LCF) assists people in need of funds to cover the costs of senior housing and long term care. LCF specializes in converting the death benefit of an in-force life insurance policy into a Long Term Care Benefit Plan to cover the costs of skilled nursing home care, assisted living, home health care, and hospice. LCF is the originator and market leader of this innovative approach to funding Senior Living and Long Term Care. LCF works with thousands of assisted living, nursing home and home health providers across the United States to help families convert their life insurance policy into a Long Term Care Benefit Plan.
I have been a senior care advocate for years. Our company’s mission is to not only help families pay for long care services, but also to understand how to navigate the entire long term care journey. The most important part of successfully navigating this complicated landscape is being well informed. We are standing by at Life Care Funding to answer your questions and do our best to point you in the right direction. Give us a call and let’s see what we can do to help.