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…
Cost of Care, Financial Assistance for Seniors, Long Term Care, Medicaid, Senior Care
Life Care funding is aware of the troubles the US government’s Long Term Care Commission and Medicaid will be soon facing with long term care, and we have a solution. The Long Term Care Commission appointed by Congress to study and make recommendations about the rapidly escalating crisis facing Americans and their ability to pay for long term care, met for the first time in Washington, DC on Thursday, June 27th and the Long Term Care Commission’s prognosis was dire. It has long been known that…
Cost of Care, Long Term Care, Long Term Care Cost, Long Term Care Insurance, Medicaid, Medicare
Seniors beware of life insurance loan and credit funding programs that could disqualify you from future Medicaid eligibility. Seniors that own life insurance policies can convert their death benefit into a living benefit to help pay for Senior Care Services. The practice of converting a life insurance policy into a Life Care Benefit has been an accepted method of payment for Private Duty In-Homecare, Assisted Living, Skilled Nursing, Memory Care and Hospice Care for years. Instead of abandoning a life policy because they can no…
Consumer Protection, Cost of Care, Elder Care, Financial Assistance for Seniors, Insurance Conversion, Medicaid, Senior Life Insurance
Legislative Overview: Medicaid Life Settlement conversion of a life insurance policy into a Long Term Care Benefit Plan NEW YORK STATE ASSEMBLY, SENATE HEALTH COMMITTEE BILL NUMBER: S5721 As New York becomes the eighth state to introduce legislation to promote Medicaid Life Settlement conversions of life insurance policies into Long Term Care Benefits, and Texas becomes the first to enact this legislation into law, Life Care Funding was asked to provide some insight and commentary into what this new law means for consumers seeking the…
Elder Care, Financial Assistance for Seniors, Life Insurance Settlements, Long Term Care Cost, Medicaid
Medicaid Life Settlement Laws Victory! State laws supporting your right to convert a life insurance policy to pay for Homecare, Assisted Living and Nursing Home Care pass around the country So far in 2013, eight states have introduced legislation based on Life Care Funding’s Long Term Care Benefit program as a way to encourage more use of Private Pay Solutions for Homecare, Assisted Living and Skilled Nursing through the conversion of a life insurance policy into a Medicaid Life Settlement Plan. This practice is already…
Assisted Living, Home Care, Life Insurance Settlements, Long Term Care Cost, Medicaid, Nursing HomeOn February 4th, 2011, Federal Reserve Chairman Ben Bernanke gave a dire warning in a speech before a gathering of top financial policy reporters at the National Press Club in Washington, D.C. “The two most important driving forces for the federal budget are the aging of the U.S. population and rapidly rising health-care costs,” said Bernanke. He warned that the costs of caring for the rapidly growing population of seniors in the U.S. will be an unsustainable burden for the U.S. budget and a constant…
Medicaid
The report and accompanying legislation includes the “Private Option” to convert a policy into a Long Term Care Benefit Plan modeled after Life Care Funding (see page 6 of the Medicaid Department Report). A powerful coalition of interests have come together to support the use of life insurance as a tool to pay for the costs of long term care. The Florida Health Care Association, the Florida Chamber of Commerce, AARP, the Florida Assisted Living Federation, the life insurance industry (carriers and agents), and the…
Insurance Conversion, Medicaid, State Bills
The impact of the long term care funding crisis is felt most directly by the middle class. People that have worked their entire lives and have planned responsibly for the future through the purchase of a life insurance policy find themselves penalized when they reach the point that they require long term care. Compared to the 153 million Americans that own a life insurance policy, less than 10 million own a long term care insurance policy. Medicaid is the default funder of long term care…
Medicaid, Senior Issues, Surrender Life Insurance
When Medicaid was created on July 30th, 1965, the entire GDP of the United States was $791.1 billion, and no one could have predicted that by 2009 the U.S. would spend over $2 trillion on health care in a single year. Today, Social Security, Medicare and Medicaid are all in the red and creating havoc for government budgets at the federal and state levels. According to Chairman Ben Bernanke, this has become the number one concern of the Federal Reserve about the U.S. economy. State…
Insurance Conversion, Long Term Care Insurance, MedicaidAs the Super Committee falters in its effort to reduce federal spending, mandated budget reductions create further pressure on the funding of long-term care By Chris Orestis Earlier this year, the so-called Super Committee could not overcome partisan differences over spending cuts and new revenues (taxes) within their mandated deadline and conceded defeat. That unfortunate outcome triggers mandated reductions in the federal budget of $1.3 trillion that will have an immediate impact on Medicare and Medicaid. This will be particularly disruptive for seniors and long…
Medicaid, Medicare, Senior Issues