Senior Life Insurance May Cover Long-Term Care

 

Senior Life Insurance May Cover Long-Term Care

The conversation about caring for elderly individuals is certainly heating up across America as baby boomers approach retirement age and beyond. It might feel as if everyone you know in St. Louis is helping to care for an elderly parent. There are various emotional impacts associated with making the difficult decisions about caring for an elderly parent.

Adult children may have to step in to take over this caretaker role and many are also struggling to figure out how to pay for the essential care their parents need. There are many different possibilities to help support your parent and his or her medical needs, but you may be able to use a current life insurance policy to provide funds for long-term care. This is a relatively straightforward process and maybe something that your parent already has. The owner of a cash value life insurance policy has the opportunity to convert this into long-term care benefits in order to use these funds to pay for nursing homes, home healthcare, and assisted living. In this particular situation, it makes more sense to use the living benefits of the life insurance policy as opposed to waiting for a parent to pass away and leaving behind assets for beneficiaries. There are several different advantages associated with this. Converting the policy to a long-term care benefit instead will ultimately allow you to access it some more than the surrender value of the policy.

Additionally, there is no waiting period associated with converting the policy and the process of conversion takes approximately three weeks. In order to do this, you would need to work with a financial services provider who specializes in elder care. In order to take an existing life insurance policy and convert it into a long term care benefit at this point, the funds from the policy will be used to pay for the senior's care as well as policy premiums. Although this has been an option for many years, not all life insurance policies were upfront about the fact that they provided such a benefit. If your elderly parent has life insurance coverage, it is worth a phone call to the carrier to determine whether or not this policy feature exists. Discovering this as a supplement could be critical for assistance if your parent needs care. One of the most empowering things about discovering the existence of such a benefit is that it affords you options that you may not have known you had.

Helping your elderly parent can be one of the greatest challenges that you face as an adult child. Understanding all of your options and the various opportunities that you may have to help your elderly loved one as well as pay for the care they so desperately need can be extremely beneficial during this time. Consult with the experts at Senior Health Solutions, LLC to learn more about planning ahead for long-term care and how to fund these services. Contact us at 636-244-4415 or contact us online to schedule an appointment.

Important Information
How to enroll into Medicare
We can help you find a Medicare plan in your area to fit your needs. Once you decide on a plan we can walk you through the Medicare enrollment process.
  READ MORE
How much is the cost?
These are the basic costs for people with Medicare. If you want specific cost information (like whether you've met your deductible, how much you'll pay for an item or service you got, or the status of a claim)
  READ MORE
Do my doctors accept these plans?
Use this helpful link on the Medicare and Medicaid Services (CMS) website to find and choose Physicians and Other Healthcare Professionals enrolled in the Medicare program, as required by the Affordable Care Act (ACA) of 2010.
  READ MORE
What to do if you don't want a part D
If you want to drop your Medicare Prescription Drug Plan (Part D) and you don't want to join a new plan, you can do so during the Open Enrollment Period, between October 15–December 7 each year. The change goes into effect January 1 of the following year.
  READ MORE
Keeping your work benefits
Employer or union health coverage refers to health coverage from your, your spouse's, or other family member's current or former employer or union.
  READ MORE
Medicare - Advantage Plans
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
  READ MORE
Request Information
© Senior Health Solutions - All rights Reserved | Privacy Policy | Website Design by Fuel Web Marketing