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Long Term Care Benefit Plan

Do you or someone you know need care, but don’t how to pay for it?

Many times families come to our office with the problem of, “Mom/Dad does not want to go to a nursing home, but they do not have the money to pay for in-home care or assisted living. What do we do?”
In the past, there has been no perfect solutions. If they were a Veteran, or the surviving spouse of a Veteran,
perhaps there were some Veterans Benefits that could help. That still required “jumping through hoops” and was not an immediate answer.
Now, there is a new way to help pay for care. A way that the State of Missouri is in favor of too! There are no Medicaid penalties and you can start receiving money in 30-60 days for in-home care, adult day care, independent living (under certain conditions), assisted living or even skilled nursing care (nursing home)!
Many seniors have a life insurance policy they have been paying on for many years. Now they have gotten to the point in their life where they need to make decisions about where their limited income dollars are spent. Do they want to keep up a life insurance policy that will never benefit them OR do they want those dollars to be spent on an immediate need, such as in-home care or to help pay the cost of an independent or assisted living community? More often than not, the answer is very simple; they need the money to go to what THEY need NOW!

Advantages of the Long Term Care Benefit Plan

  • Pays for in-home care, home modifications, adult day care, an independent living community (under certain conditions), an assisted living community, or a skilled nursing facility (nursing home)
  • Irrevocable account held in a FDIC insured bank
  • The account can ONLY be spent on long term care
  • Payments are paid directly to the care provider
  • Monthly payments can be adjusted to address changing care needs
  • Benefits range between 20% – 60% of death benefit (average is 35% to 45%)
  • Typically benefits are paid out for 12—30 months
  • If the person passes before the entire benefit account is paid, the remainder will be paid to the designated beneficiary
  • All life insurance companies are eligible
  • The conversion typically takes 30-60 days
  • No minimum age requirement
  • No cost, fees or obligation to accept the proposed conversion amount
  • Simple application and approval process; no medical underwriting required (phone interview and review of medical records to verify care needs)
  • No more premium payments for policy
  • Maintains a death benefit up to $5,000 or 5% of the original death benefit, whichever is less

Eligible Types of Life Insurance

Universal Life

Group Term

Whole Life



The Good News!

What that means is that if you have a term policy or even a retirement benefit policy (group term) with a death benefit of $50,000 or more, you can convert that policy to help pay for any type of senior care! You can even pay a family member for your care!Senior in long term care
Most adult children aren’t “worried” about receiving an inheritance! They worry about how to take care of Mom or Dad and how to pay for it. Turning that life insurance policy into cash their parent(s) need now is a win-win situation for the family and parent alike.
Turning the life insurance policy into cash MAY keep you or a loved one from stepping up to a higher (more expensive!) level of care. If you don’t want to move from home to assisted living, or assisted living to a nursing home, use the money from the life insurance to pay for additional care at home or in your assisted living community.
This option is NOT the solution for everyone, but there are no fees, costs or obligation to find out if this is right for you.
Contact us today at 636-394-0009, to schedule a FREE, no-obligation, initial conference
to determine if this benefit is right for you and your family.