Long Term Care Benefit Plan

Long Term Care Benefit Plan

The Long Term Care Benefit Plan is the conversion of an in-force life insurance policy into a prefunded, FDIC insured, irrevocable Benefit Account that is professionally administered with tax-free* payments made monthly on behalf of the individual receiving care. It is a unique financial option for seniors because all health conditions are accepted, and there are no wait periods, no care limitations, no costs to apply, no requirement to be terminally ill, and there are no premium payments. It is not long term care insurance or a policy loan. Policy owners use their legal right to convert an in-force life insurance policy to enroll in the benefit plan, and are able to immediately direct payments to cover their senior housing and long term care costs.

Recent Answers

Senior Advisor

Good Question!  A lot of folks have the same question.  I reached out to a good friend of mine, Seth Walsh, to help better explain this.   They both cover you in case of an incapacity, but in very different ways. Long-Term Disability Income Insurance is designed to replace a large portion of your... (more)

Good Question!  A lot of folks have the same question.  I reached out to a good friend of mine, Seth Walsh, to help better explain this.  

They both cover you in case of an incapacity, but in very different ways. Long-Term Disability Income Insurance is designed to replace a large portion of your income if you become disabled and can't work on a full or part-time basis. It is triggered by a disabling injury or disease like an automobile accident or heart attack. The money you receive will help pay your bills, put food on your table and make sure your kids have clothes to go to school in.
 
Long-Term Care Insurance will pay to have someone care for you if you can no longer perform the Activities of Daily Living "ADL's". In general it doesn't matter how you have gotten to that point (expect in cases of self-inflicted injury and a few other instances). It is triggered by your inability to perform the ADL's. It provides money to pay for someone to care for you at home or for you to go to a care-giving facility like an Assisted Living Facility or a Nursing home.
 
So in reality someone of working age could receive benefits from both policies! They give you the ABILITY to maintain your lifestyle. One to take care of paying the bills and the other to pay the high cost of having someone care for you.

Seth C. Walsh provides Long Term Care, Medicare Supplements, Health, Life and Disability Income and Lifetime Guaranteed Income Solutions.  He is Multi-State Licensed and Partnership Certified, NAIFA, AALTCI.  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Long Term Disability Income insurance is to replace your income to would lose if you cannot work , where as Long Term Care insurance pays only if you cannot perform certain basic activities of daily living or have cognitive impairment, and is not to replace income, but to provide money to pay for... (more)

Long Term Disability Income insurance is to replace your income to would lose if you cannot work , where as Long Term Care insurance pays only if you cannot perform certain basic activities of daily living or have cognitive impairment, and is not to replace income, but to provide money to pay for long term care services at home, in assisted living or a nursing home.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Specialist

I'm sorry to hear about your father's situation, but there are some options you can explore to help your dad. I have a list of options below that you can research yourself with some website resources. 1) Veteran's Benefits for low income - if your dad served in the military during time of war, was... (more)

I'm sorry to hear about your father's situation, but there are some options you can explore to help your dad. I have a list of options below that you can research yourself with some website resources.

1) Veteran's Benefits for low income - if your dad served in the military during time of war, was honorably discharged and meets certain financial needs then your dad may qualify for some assistance.  http://www.benefits.va.gov/BENEFITS/factsheets.asp#BM3

2) Supplemental Security Income (SSI) - if your dad is disabled and has little or no income than your dad may qualify for SSI benefits. There is a company that specializes in helping individuals with the application and qualification process. There is a fee for this service but is dependent upon getting funds approved. That means you don't have to pay unless you receive benefits. The name of the company is Allsup and you can research their services through their site: http://www.allsup.com/

3) Long Term Care Benefit - if your dad has a life insurance policy and meets certain requirements, then there are companies that will pay lump sum percentage of the value of the policy. The company in turn will be the primary and only beneficiary of the policy.

4) Reverse Mortgage - if your dad is 62 or older and owns a home with some decent equity then there are companies that will pay a lump sum about depending on the value of the home and equity amount.

These are a few options but there may be some more options based on the state you live in. It's best to check with a financial planner who is an expert in your state. I hope this helps.

Admond

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Only if your father served in active duty in the military during time of war (even if he did not fight in the war theater, all he had to be is on active duty for 90 days during time of war) then he may qualify for Aid and Attendance benefits from the Veteran's Administration.  Contact the Veteran's... (more)

Only if your father served in active duty in the military during time of war (even if he did not fight in the war theater, all he had to be is on active duty for 90 days during time of war) then he may qualify for Aid and Attendance benefits from the Veteran's Administration.  Contact the Veteran's Service Officer at your local VA.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.