Life Insurance Legal Property Ownership Rights

May 19, 2012 / Chris Orestis

The owner of a policy has the legal property ownership rights to convert a policy based on its fair market value A policy owner’s legal right to convert an existing life insurance policy into a long term care benefit plan, also known as an Assurance Benefit Plan, is not to be confused with a long term care insurance policy, accelerated death benefit (ADB) rider, annuity, or a hybrid life/LTCi product. This Long Term Care Benefit conversion option allows for the actual private market exchange of…

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…

Seniors Pay for Long Term Care Using Life Policies

July 19, 2011 / Chris Orestis

The White House and Republican leaders from Congress are currently engaged in a contentious negotiation over a balanced budget and how to rein in the massive debt our nation has incurred. The ability of Medicare and Medicaid to meet the demands for long-term care is being greatly challenged and reforms are inevitable. But one area that is receiving more emphasis is private-pay options to cover the costs of long-term care. Earlier this year, the two largest assisted-living companies in the United States made separate announcements…

Funding Long Term Care with Life Insurance: Trend Catches On

January 10, 2011 / Chris Orestis

For many policy owners, life insurance is an easily abandoned illiquid asset. The vast majority of in-force life insurance policies will never pay a death benefit because they either expire, lapse, or are surrendered for cash value. The New York law, as well as other legislative and market activities, point to the growing realization that life insurance policies are an asset well-suited to help pay for long term care. Too few seniors realize that their policy could be used for purposes other than a death…

NCOIL Passes National Life Insurance Consumer Disclosure Model Law

November 19, 2010 / Chris Orestis

Final Testimony – Life Care Funding Group National Conference of Insurance Legislators (NCOIL) Life Insurance & Financial Planning Committee November 19, 2010 Thank you to the members of the Committee for allowing me to participate in this very open, inclusive and thoughtful process. I am Chris Orestis, President of Life Care Funding Group. We work with seniors and their families throughout the Untied States to help them raise funds they need to cover the costs of long term care. We specialize in converting a life…

Medicaid Life Settlements: Am I Eligible for Medicaid?

July 12, 2009 / Chris Orestis

by Chris Orestis, Life Care Funding Published July, 2009: New York State Bar Association Elder Law Journal Medicaid Eligibility Life insurance polices are unprotected assets and state Medicaid programs expect any policy with cash value beyond a minimal amount to be surrendered for medicaid eligibility. Those proceeds would then be spent as a medicaid spend down on care before Medicaid eligibility and payments would begin. Instead of surrendering a policy for minimal cash value, the owner could instead receive considerably more through a life settlement. The use…

Long Term Care Insurance Policies in Financial Danger Moved to State Funded and Managed “Risk Pool”

December 8, 2008 / Chris Orestis

A large number of long term care insurance policies sold by Conseco Insurance company a number of years ago needed to be moved to a state managed risk pool last month to ensure they would remain solvent. The Pennsylvania Insurance Department took over 150,000 policies– taking an action described as a “shocker”. These were older policies that had been under priced when sold years ago and had been a drag on the insurance company’s revenues ever since. According to the Insurance Commissioner of Pennsylvania, policy…

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Posts tagged "Senior Life Insurance"