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Long Term Care Benefit Plan Conversion Success Stories

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A Medicaid spend down stops an eviction

A family needed help with their mother who was in a nursing home and was facing eviction. The daughter became overwhelmed with handling her mother affairs. They owned a life insurance policy with a small amount of Cash Surrender Value. The Medicaid office informed them that until they liquidated the policy and spent it down on care she would be unable to qualify for Medicaid. They already owed the nursing home money but they family was able to reach a win-win arrangement to keep their mother from having to move out. They converted the life insurance policy to enroll in the Long Term Care Benefit Plan for a higher amount than the cash surrender value. They were then able to extend their mother’s stay by spending down at a Medicaid qualified private pay rate while they applied for Medicaid to pay for the costs once the Life Care Funding Benefit was finished.

Converting a policy keeps a loved one at home

A wife had been caring for her husband at home on her own. She has been trying to get financial assistance to help with the care of her husband as it was becoming too difficult to care for him any longer. They owned a life insurance policy they could no longer afford to keep paying premiums and were going to let it lapse. A Geriatric Care Advisor told her about the better option of converting the policy into a Long Term Care Benefit. With the benefit set up thirty days later, she was able to hire a helper to assist with his care and keep him at home with her.

A Son helps his Mother move into assisted living

The applicant’s son called to inquire about converting a life insurance policy they were planning to abandon. His mother was unable to live at home alone any longer and they were looking into Assisted Living but needed financial help. Fortunately, their mother owned alife insurance policy. He completed the simple application and submitted it along with policy information, authorizations and medical records. The family moved their mother into the Assisted Living community she was hoping to reside in with a number of her friends and relatives. Within 30 days, the application was approved and the monthly Long Term Care Benefit payments began that same day. By adding the monthly benefit payment to what they already had available to pay for her care, instead of moving her into their home and trying to hire home health aides, they were able to keep their mother in the community for over two years.

Son helps his mother convert policy and move into assisted living before he deploys for Afghanistan

A family was struggling with how they would pay for the costs of moving their mother into an assisted living community. Increasing the pressure was the fact that her son was going to be leaving for Afghanistan within 90 days for a tour of duty with the military. Their mother owned a life insurance policy that was going to lapse if they did not immediately make an expensive premium payment. The family was trying to determine what all of their options with the policy might be when the assisted living community suggested that they consider converting the policy into a Long Term Care Benefit plan. Before the policy could lapse, Life Care Funding converted the policy into a Benefit Plan that allowed them to immediately move their mother into the community. There was still time for her son to help her move-in and get settled before he left for Afghanistan later that month.

Benefit payments started in assisted living and then moved to cover a nursing home Medicaid Qualified Spend-down

A husband and wife were living together in assisted living when his wife passed away. His condition began to deteriorate as these circumstances often do. It became necessary to move him to a nursing home but he owned a life insurance policy that was counting against his Medicaid eligibility. The assisted living community referred the family so the life insurance policy could be converted into a Long Term Care Benefit. He was able to remain in the assisted living community for a little longer with the Benefit Payments covering the costs. Once he was moved to the nursing home, the monthly payment amount was increased to cover the escalating costs of care. The remaining Benefit was spent-down in the nursing home until Medicaid took over.

A Term policy is converted to pay for home hospice care

A young, single woman suffering from cancer could not care for herself any longer but wanted to remain at home. She had a term life policy that she no longer needed and was going to allow it to lapse. She discovered that she could convert her policy into a Long Term Care Benefit plan that could help cover her home healthcare needs. Once her policy was converted, she was able to purchase a specialty bed and remain at home to receive hospice care in a private and dignified setting.

A retired insurance agent converts life insurance to fund his care (twice)

The applicant’s daughter called about her father needing help with the costs of long term care in an assisted living community. They were running out of money but did not want to have to relocate their father into a nursing home. Her father had been a career life insurance agent and suggested that they look at converting one of his policies for a Long Term Care Benefit plan. He owned a number of policies and asked to evaluate the conversion value of one of the policies they were going to abandon. Within 30 days they were able to set up a Long Term Care Benefit plan that would contribute every month towards the money the family was spending on his care. This extended the amount of time by almost two years that they could afford for their father to remain in the community.

The family used the program a second time after the first benefit period concluded to convert another of their father’s policies. He had another policy that they quickly converted to extend the time he could remain in place. Their goal is to extend the amount of time he will be able to remain in the community by combining their income and the ongoing monthly benefit payments.

A life insurance policy is converted to make up a financial gap to pay for assisted living

A family was coming up a little short in their ability to pay for their mother to move into an assisted living community. She owned a life insurance policy and they were going to surrender it for the remaining cash value. The community director told them that they should first see if they could convert the policy for more than they would get by surrendering it for cash value. The family was approved to enroll their mother for a Long Term Care Benefit Plan that was 6 times greater than the cash value they would have received. They were able to combine the monthly benefit amount with what they could afford to cover and move their mother into the assisted living community where they all wanted her to live.

Converting two life insurance policies covers outstanding balance in arrears and monthly expenses for husband and wife

The business office of an assisted living community called about a couple that was currently in residence. They had limited income and were in arrears with a growing unpaid balance. They both have LTCi policies but the husband does not yet qualify for benefits to start. They were receiving limited benefits from the wife’s LTCi policy but it was not enough to take care of both them. They applied to convert a life insurance policy the husband owned and a life insurance policy the wife owned for immediate Long term Care Benefit Plans to cover them both. Within 30 days they were approved to enroll with a one-time benefit payment made to satisfy the outstanding balance and then a twelve month combined benefit period was established to pay for the gap that LTCi policy was not able to cover for both of them.


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