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|How to Pay for Senior Care with Limited Resources|
|News Releases - Health, Medicine & Nutrition|
|Written by Ginny Grimsley|
|Wednesday, 14 August 2013 12:45|
Expert Offers Tips for Troubleshooting Health-Care Woes
We don’t often think of living a long life as a problem, especially for those we love. But what happens when Mom, Dad, a spouse or another beloved family member are in need of regular health care yet are apparently short on finances?
Actually, paying for care may be well within your loved one’s means, says insurance expert Chris Orestis.
“It’s a secret the life insurance industry has managed to hide for decades: Your policy can be used to pay for long-term health care such as home care, assisted-living or nursing home expenses,” says Orestis, a former insurance industry lobbyist.
“Many people who need long-term care can’t afford it, so they drop the policies they’ve been paying on for years in order to qualify for Medicaid. The life insurance companies profit from the fact that they get all those years of premiums and never have to pay out a death benefit.”
Orestis, who’s been lobbying state Legislatures – including Texas – to make the public aware of their legal right to use this option, says seniors can instead sell their policy for between 30 and 60 percent of its death benefit value. The money can be put into an irrevocable fund designated specifically for their care.
He offers more tips for paying for a senior’s health care:
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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