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A Medicaid Life Settlement is the conversion of an in-force life insurance policy into a pre-funded, irrevocable Benefit Account that is professionally administered with payments made monthly on behalf of the individual receiving care. This option extends the time a person would remain private pay and delays their entry onto Medicaid. The policy transaction is specifically designed to conform to the secondary market regulations that govern life settlement/viaticals, and the Benefit is administered specifically to be a Medicaid qualified spend-down of the asset proceeds.
By obtaining the fair market value for the life policy, and then at the direction of the policy owner putting the funds into an irrevocable bank account which can only be administered third-party to pay for Medicaid/Medicare qualified long term care services; the Medicaid Life Settlement is a regulated and Medicaid qualified financial vehicle to help cover the costs of long term care.
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
In the coming decades, many Americans will not have a way to pay for long-term care services. As the population is aging, the need for long-term care services is exploding. However, as the need for services increases, government funding will not be able to keep up, undermining a critical component of the nation’s health care delivery system.
-The Long Term Care Funding Crisis Milliman Consulting
Life insurance can be converted to a Long Term Care Benefit Plan that will pay for the cost of care directly every month. The Long Term Care Benefit Plan is specially designed to address immediate needs to pay for long term care services so qualifying is quick, uncomplicated, and can be done quickly.
Converting a life insurance policy to a Long Term Care Benefit Plan is a Medicaid qualified spend down of the policy and preserves a portion of the death benefit for the family.
After years of premium payments, many policy owners will allow a policy to lapse or surrender it for any remaining cash value. This is a big mistake when the same policy could be converted into a Long Term Care Benefit Plan to pay for the costs of long term care and funeral expenses.
The benefit plan is an irrevocable long term care funding account administered by a third party ensuring the funds are protected for the recipient of care, and it also has the added protection for the enrollee of providing a final expense benefit to help cover funeral expenses.
Lastly, if the insured should pass away before the benefit amount is exhausted, then any remaining balance is paid to the family or named beneficiary as a final lump sum payment.