With Life Insurance, You May Have Money for Long-Term Care
by ElderCarelink
Although long-term care insurance is often cited as the best
option to pay for ongoing senior care, buying a policy isn't always practical.
Premiums can be expensive and older individuals may find themselves considered
uninsurable by many companies.
Fortunately, there are other ways to pay for long-term care.
If your parent or loved one has a life insurance policy,
they may be able to convert their plan to cash payments which can then be used
for a variety of long-term care arrangements.
- Nursing homes
- Assisted living
- Memory care
- In-home care
Life insurance conversations are offered by third-party
companies who value a life insurance policy and then make monthly payments to
the insured based upon that value. Typically, payments begin immediately so
there is no waiting period.
Details may vary depending on the long-term care benefits
plan provider, but you'll find a life insurance conversation often comes with
many attractive benefits.
- Money set aside for final expenses
- A final payment to family members if any plan value remains upon a loved one's passing
- Opportunity to maintain some death benefit while applying for Medicaid
- Elimination of monthly premium payments
Many families find life insurance conversations help resolve
two problems at once. A conversation provides ongoing money for long-term care
while also relieving elderly individuals of potentially unaffordable life
insurance premiums.
Policies don't have to have a cash value to be eligible for
conversion. That means term life, universal life, whole life and even group
life insurance policies could potentially be converted to a long-term care
benefits plan.
For resources to help you care for your aging parents, visit
ElderCarelink.com.
