Florida Legislature Passes Life Insurance Policy Conversion Study Bill

March 12, 2012 / Chris Orestis

Study Bill will examine tax dollar savings from converting life insurance policies into long term care benefit plans for Medicaid eligibility (March 12, 2012)— Life Care Funding Group congratulates the Florida legislature for passing HB 5001 during the 2012 legislative session; thereby establishing a task force and time frame to examine the cost savings for Florida tax payers derived through the conversion of existing life insurance policies into long term care benefit plans as part of a required Medicaid spend-down eligibility regimen. An earlier bi-cameral…

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Medicaid Rules Do Not Allow for Keeping a Life Insurance Policy

December 9, 2011 / Chris Orestis

When an individual applies for Medicaid, the State conducts a “look back” to find transfers of assets for 60 months prior to the date the individual is institutionalized or, if later, the date he or she applies for Medicaid. All transfers made by the applicant or the applicant’s spouse subsequent to January 1, 2010, whether from an individual or to an individual or from a trust or to a trust, have a five year look-back period. These provisions apply when assets are transferred by individuals…

Long Term Care Insurance Sales Down When They Should Be Up

December 8, 2011 / Chris Orestis

Long term health care insurance has not been a profitable product for most insurance companies in the last decade. Many insurance companies found themselves paying out more than was expected to customers due to rising health care costs, including pharmaceutical cost increases. The number of customers buying long term health care policies in the last decade has declined considerably due to many factors, including the downturn in the economy. In the U.S., only a small percentage of people are insured for long term health care…

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Insurance Conversion, Long Term Care

Chris Orestis Interview at Senior Market Advisor VIDEO (part 1) and (part 2)

November 2, 2011 / Chris Orestis

Chris Orestis Interview at Senior Market Advisor Part 1 // Chris Orestis Interview at Senior Market Advisor Part 2 // I recently sat down with Chris Orestis, a 15 year veteran of both the insurance and long term care industries. Chris spent several years representing the health and life insurance industry as Vice President and Senior Vice President respectively for the Health Insurance Association of America (HIAA) and the American Council of Life Insurers (ACLI). He is an expert on insurance and long term…

Emeritus Senior Living: Long Term Care Benefit Instructional Videos

November 1, 2011 / Chris Orestis

Check out these two videos produced by About.com and Emeritus Senior Living about using Life Care Funding’s Long Term Care Benefit to pay for Senior Care– About.com: Paying for Long Term Care Benefit Using a Life Insurance Policy// Emeritus: How to Use a Life Insurance Policy to Pay for Senior Living// Life Care Funding’s program converts the death benefit of an in-force life insurance policy into a Long Term Care Benefit. Qualifying for the benefit is quick, uncomplicated, and can be done in as little time as 30…

States Look to Convert Life Insurance Policies to Long Term Care

September 2, 2011 / Chris Orestis

As the debate over how to balance the budget and whether to raise our nation’s debt ceiling rages on in Washington DC, we are seeing clearly that one of the fattest targets on the radar screen is Medicaid. Our nation’s Governors from both parties spoke out during the National Governor’s Association (NGA) annual meeting held in July and said they are “most worried that both President Obama and Congressional Republicans wanted to cut Medicaid payments to the states by $100 billion over the next decade.”…

A Growing Strategy: Paying for Long-Term Care with Life Policies

August 12, 2011 / Chris Orestis

Medicaid was signed into law in 1965 by President Lyndon Johnson as a safety net to provide health care to the indigent and disabled. Over the years it has also become the major payer of long-term care services for the elderly in the United States: More than 10 million Americans now require long-term care annually and Medicaid funds at least two-thirds of all spending for nursing home care today. In 2009, $240 billion was spent on long-term care services, and Medicaid accounted for 43 percent…

How Life Insurance Can Help with Long Term Care Costs

March 12, 2011 / Chris Orestis

Strapped for cash in a down economy, many seniors are halting premium payments and abandoning their life insurance policies — right when they’re likely to need them most. But life insurance — including Universal Life — can be converted to cover long-term care expenses or provide other benefits, and producers are obligated — sometimes by law — to let clients know their options. 10,000 Baby Boomers added their names to the Social Security and Medicare rolls on Jan. 1 of this year — and this…

NCOIL Passes National Life Insurance Disclosure Model Law

November 19, 2010 / Chris Orestis

Life Care Funding Group provides final testimony advocating for consumer rights and access to information For Immediate Release (November 19, 2010) – The National Conference of Insurance Legislators (NCOIL) passed by super-majority vote the Life Insurance Consumer Disclosure Model Law at their annual legislative meeting in Austin, TX. The members of the Life Insurance and Financial Services Committee heard testimony from Life Care Funding Group, Coventry First, the American Council of Life Insurers (ACLI), and MetLife and then voted 13-7 in favor of immediate passage….

Funding Solution for Long Term Care: Convert a Life Insurance Policy

October 15, 2010 / Chris Orestis

Now that we have arrived at the long awaited generational stage in our society that “Baby Boomers” are reaching the age of Medicare eligibility, the need to address the question of who is going to pay for a massive increase in long term care spending has become paramount. Exacerbating the growing crisis is the impact of the economy on the availability of private pay dollars and government spending. For the last two years we have watched as one of the primary sources of private funds,…

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Insurance Conversion, Long Term Care

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Posts tagged "Insurance Conversion"

Florida Legislature Passes Life Insurance Policy Conversion Study Bill

Medicaid Rules Do Not Allow for Keeping a Life Insurance Policy

Long Term Care Insurance Sales Down When They Should Be Up

Chris Orestis Interview at Senior Market Advisor VIDEO (part 1) and (part 2)

Emeritus Senior Living: Long Term Care Benefit Instructional Videos

States Look to Convert Life Insurance Policies to Long Term Care

A Growing Strategy: Paying for Long-Term Care with Life Policies

How Life Insurance Can Help with Long Term Care Costs

NCOIL Passes National Life Insurance Disclosure Model Law

Funding Solution for Long Term Care: Convert a Life Insurance Policy

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