Benefit payments started in assisted living and then moved to cover a nursing home. They were living together in assisted living when his wife passed away. His condition began to deteriorate as these circumstances often do. It became necessary to move him to a nursing home but he owned a life insurance policy that was counting against his Medicaid eligibility. The assisted living community referred the family to Life Care Funding so the $65,000 life insurance policy could be traded-in for a Long Term Care…
Posts tagged "Financial Assistance for Seniors"
Family Uses Insurance Policy to Help with a Medicaid Spend Down
A policy is converted to spend-down for Medicaid and a family recovers out of pocket expenses. Their father was suffering from Parkinson’s Disease and needed to move into a nursing home. He owned a $100,000 life insurance policy that counted against him for Medicaid eligibility. The nursing home referred him to Life Care Funding to trade-in in his policy for a Long Term Care Benefit Plan. The family had also spent some money on his care at home as they were looking for the right…
Converting a Life Insurance Policy Can Opens Doors to Assisted Living
Converting a Term Policy instead of abandoning it opens up the doors to assisted living. A daughter was trying to move her mother into a high end assisted living community but the cost was more than they could afford. The community informed her that if they had a life insurance policy it could be traded-in for a Long Term Care Benefit. She said her mother had a $150,000 term life policy that they were not going to keep because the premiums were increasing. They contacted…
Wife Seeks Financial Assistance for Husbands Senior Home Care
Trading-In a small policy keeps a loved one at home. A wife had been caring for her husband at home on her own. She has been trying to get financial assistance to help with the care of her husband as it was becoming too difficult to care for him any longer. They also owned a life insurance policy they could no longer afford to keep paying premiums and were going to let it lapse. A Geriatric Care Advisor told her about the better option of…
Nursing Home Payment Assistance When Facing Eviction
A Medicaid spend down stops an eviction. A family contacted Life Care Funding about their mother who was in a nursing home and was facing eviction. The daughter became overwhelmed with handling her mother affairs. They owned a $45,000 life insurance policy with $14,000 of Cash Surrender Value. The Medicaid office informed them that until they liquidated the policy and spent it down on care she would be unable to qualify for Medicaid. They already owed the nursing home money but they family was able…
Sisters Find Financial Help Through a Life Insurance Conversion
Sisters taking care of their Brother. Two sisters were caring for their brother with almost full time care and financial assistance. They could no longer provide for their brother’s needs and had been looking for an assisted living community for him. They were given information about Life Care Funding and trading-in his life insurance policy for a Long Term Care Benefit plan. He had a $243,000 group life policy, and he and his sisters decided the best use of the policy was to meet his…
New Financial Tools Help Seniors Stay at Home
September 27th, 2012 | by Alyssa Gerace Published in Reverse Mortgage Daily There’s a national movement to facilitate seniors’ desire to remain in their homes, but as many households’ savings dwindle, more products are also coming to the market to facilitate aging in place. While reverse mortgage volume still remains low in the wake of big bank exits and sluggish home value recovery, one new option has come to the market that has one similar goal of helping people age in their homes. Instead of…
Understanding your Financial Options for Long Term Care
A Life Insurance Conversion Program is a new type of program and at the time of writing, there was only a single organization offering the program. The program’s name is the Life Care Funding Long Term Care Benefit Plan (ABP). For example, a policyholder sells their policy for $36,000. They move into an assisted living community that costs $3,000 / month. The policy buyer will pay directly to the assisted living community, the complete cost of care for one year ($3,000 / month x 12…