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|How to Financially Survive Your Golden Years|
|News Releases - Business, Economy & Finance|
|Written by Ginny Grimsley|
|Friday, 25 October 2013 14:41|
Expert Offers Tips to Maximize Money for an Aging
Americans are living longer these days from an average 47 years in 1900 to more than 78 years as of 2010. We are also experiencing a deluge of adults reaching retirement age now that includes 10,000 Baby Boomers turning 65 every day.
By 2030, when the last of the baby boomers have turned 65, nearly one in five Americans will be retirement age, according to the Pew Research Center’s population projections. Money will be a big problem for many of them, especially if boomers develop health problems that affect their ability to live independently, says insurance expert and CEO of Life Care Funding Chris Orestis.
“Life Care Funding created a financial solution for seniors that own a life insurance policy that converts the policy into a Long-Term Care Benefit Plan; this gives the policy owner the option to use their policy while still alive to help pay for their choice of any form of senior care services,” says Orestis, a former insurance industry lobbyist who recently contributed to the federal Commission on Long-Term Care’s fact-finding mission.
“With 30 percent of the Medicaid population consuming 87 percent of Medicaid dollars on long-term care services, we can see that’s not going to be sustainable,” Orestis says. “More individuals will be forced to find their own resources to pay for those needs. That’s why states such as California, Florida, New York and Texas are embracing legislation requiring seniors to be notified that they can convert their life insurance policy for 30 to 60 percent of its death benefit value. The money can be put into an irrevocable fund designated specifically for any form of care they choose.”
Orestis details more ways in which seniors might handle long-term care and other budgetary issues:
About Chris Orestis
Chris Orestis, nationally known senior health-care advocate and expert is CEO of Life Care Funding, which created the model for converting life insurance policies into protected Long-Term Care Benefit funds. His company has been providing care benefits to policy holders since 2007. A former life insurance industry lobbyist with a background in long-term care issues, he created the model to provide an option for middle-class people who are not wealthy enough to pay for long-term care, and not poor enough to qualify for Medicaid.
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