Long Term Care Benefit Plan

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How to Pay for Long Term Care

Long Term Care Benefit PlanIf a family has a need to pay for long term care and are unable or unwilling to keep their life insurance policy in-force by maintaining premium payments, A Long Term Care Benefit Plan is a much better choice than simply abandoning a life insurance policy.State governments are now also realizing that there can be significant value to the consumer by converting their life insurance policies to help pay for long term care.

Long Term Care Benefit Plans serve a large but often overlooked population. Middle market life insurance policy owners with polices under $500,000 of face amount, often end up either lapsing or surrendering their life insurance because they can no longer afford to pay the premiums or they are on a Medicaid spend down path.

Owners of life insurance policies, who have an immediate need for long term care are not ideal candidates to purchase a long term care insurance policy. All to often these people lapse or surrender their existing life insurance because they can no afford it. A Long Term Care Benefit Plan can provide an immediate option to use their life insurance policy to pay for the current cost of long term care.

Almost any in-force life insurance policy can be converted to a long term care benefit plan. The plan is administered by a third party with payments made every month directly to the enrolled’s choice of long term care provider, Home health care, Assisted Living, Alzheimer’s Care and Nursing Home Care all qualify.

Policy owners are now using their legal right to convert an in-force life insurance policy by enrolling in a Long Term Care Benefit Plan. The enrolled are often able to immediately fund their care through a guaranteed monthly payment stream. Providers of long term care services such as nursing homes, assisted living communities and home health agencies have been quick to embrace this alternative form of payment and so have state Medicaid administrators.

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The two most important driving forces for the federal budget are the aging of the U.S. population and rapidly rising health-care costs.

-Federal Reserve Chairman Ben Bernanke
Long-term care is the sleeping giant of all U.S. social problems. It is most certainly the biggest age-related challenge our country faces.

-National Endowment for Financial Education

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