Last Updated: April 13, 2015
Q: What types of life insurance qualify for conversion into a
Long Term Care Benefit Plan?
A: The conversion option applies to any form of
life insurance: Universal, Whole, Term and Group.
Q: What types of senior housing qualify?
A: The Benefit Plan is accepted by every senior care provider in
the US and will pay the following monthly expenses directly to the
health care provider:
- Home Health Care
- Assisted Living
- Memory Care
- Rehabilitation Care
- Nursing Home Care
- Hospice Care
Q: Are there any fees or obligations to apply?
A: No, there are no application fees or
obligations to apply. Once a policy is converted by the
owner, the Long Term Care Benefit payments begin immediately and
the enrollee is relieved of any responsibility to pay any more
Q: How long does the enrollment process take?
A: The typical enrollment time is 30-45
days. Payments for care start immediately upon enrollment and
there are no wait periods.
Q: Is there a funeral benefit?
A: Yes, all Benefit Accounts reserve 5% of the
death benefit or $5,000, whichever is the lesser, to provide a
funeral benefit payment to the Account's named beneficiary (one or
more can be named).
Q: What happens if the enrollee dies before all of the long
term care benefit is paid out?
A: Should the enrollee pass away with
additional funds remaining in their Benefit Account, the remaining
balance is paid directly to the enrollee's named beneficiaries.
Q: What happens once a person enrolls in the long term care
A: From the moment the Benefit Plan is
established, the Benefits Administrator will begin making monthly
payments to the appropriate health care provider as well as all
future premium payments on the life insurance policy.
Q: Is a long term care benefit plan Medicaid qualified or tax
A: Yes, because the policy is sold for its full
market value, and the funds are protected in a benefit account that
is only used to pay for long term care services it is both a
Medicaid qualified spend-down and a tax-free benefit
Q: Which states can a policy be converted?
A: A life insurance policy owner has the legal
property ownership right to convert their policy into a Long Term
Care Benefit Plan in every state in America.
Q: How do I apply to enroll in a Long Term Care Benefit
A: To qualify for a Long Term Care Benefit Plan
you need to own an in-force life insurance policy with a death
benefit of $50,000-$1,000,000 and must have an immediate need for
Senior Care. To learn more about how to apply, click here.
About the Author
Chris Orestis, CEO of Life
Care Funding, is an 18-year veteran of both the insurance and
long-term care industries. A nationally known senior care
advocate; he is the author of the Amazon best-seller book "Help on
the Way", a legislative expert, featured speaker, columnist and
contributor to a number of insurance and long term care industry
publications. Chris is a frequent guest about senior issues
on national radio programs; and has also been featured in the Wall
Street Journal, New York Times, USA Today, Woman's World Magazine,
Fox Business News, and PBS.
A former life insurance industry lobbyist with a background in
long-term care issues, he created the model to provide a funding
option for middle-class people who are not wealthy enough to pay
for long-term care, and not poor enough to qualify for
His blog on senior living issues can be found at www.lifecarefunding.com. He can be reached at