Use Your Life Insurance to Pay for Senior Care 

For many seniors, they either cannot afford to pay the premiums, or they plan to lapse or surrender their policies to qualify for Medicaid. What they don’t realize is that they have the legal right to convert their policies into a Long Term Care Benefit Plan and are able to immediately direct payments to cover their senior housing and long term care costs. Converting a policy allows the senior to remain private pay – meaning they are not reliant on public assistance and can choose the form of long-term care that they want: Homecare, Assisted Living and Skilled Nursing, Hospice or Memory Care. 

The Long Term Care Benefit Plan is an accepted form of payment with any provider of Senior Care in the United States.  This funding option has been covered in the New York Times, the Wall Street Journal, Fox Business News, and on radio programs across the country.  Because it is a consumer protection and saves tax payers’ money, it has been endorsed by numerous consumer and advocacy groups as well as political leaders across the country.

At a time when seniors and their families are struggling with how to afford the high costs of senior care, and state budgets are looking for ways to save money, converting a life insurance policy to pay for long term care instead of abandoning it for nothing in return makes much more sense.