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Alternate
Ways to Finance Long Term Care
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- While
a long-term care insurance policy is the primary vehicle
for financing your care, it is not necessarily the
ideal solution for everyone. Specifically, individuals or
families with with limited assets, or with serious
medical issues. In these
cases, there are several alternative options.
Below are a few of these options. The focus of a
consultation would be to assess your unique situation to
see which option best fits your needs.
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- To
schedule a consultation, call us at 631-393-5039 or send
an email to: info@ltcamerica.com.
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Annuities
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A financial product that provides a stream of equal
payments to an individual that occur at
predetermined intervals (that is, monthly or
annually). The payments may continue for a fixed
period or for a contingent period, such as for the
recipient's lifetime.
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Several different
options are available including the
traditional fixed, variable and single premium
immediate and deferred annuities.
Two of the more popular annuities for long-term care
and estate planning include:
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Annuities
for Medicaid Eligibility
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Especially
endorsed annuities that meet Medicaid eligibility
standards convert a resource into a stream of income.
This may be highly beneficial in certain situations.
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Medically
Underwritten Single Premium Immediate Annuities
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Single
Premium Immediate Annuities take your medical
situation into consideration and may provide a higher
return or a lower single premium than standard
annuities. An excellent vehicle to obtain
additional income for anyone with a medical condition.
This option is especially appealing for persons who are not eligible
for Long Term Care insurance.
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Medicaid
Applications:
- We
work with you and your attorney to assist in the
planning and preparation of the application, as well as
to act as your representative/advocate throughout the
entire process. This may include a required presence
at the Department of Social Services. Our
expertise and representation will save you considerable
time.
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If you want state info or local information to
contact Medicaid, visit the official site at
http://www.cms.hhs.gov/medicaid/consumer.asp?
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Medicare
Supplements
- Fee
based health insurance plans, secondary to Medicare,
which cover hospitalization, doctor visits and durable
medical equipment. Some plans also cover
deductibles, co-insurance, nursing home care, excess
medical expense, drugs and limited home care.
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- Senior
Settlements
- Perhaps
you no longer wish to pay premiums on insurance no
longer needed for personal or business purposes.
The policy can be sold on a
discounted basis to provide money for long term care
needs or any other purpose to enhance you live.
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- Prepaid
Home Care Contracts
- Prepaid
legal contract for discounted home care services.
If you are currently ill, or otherwise ineligible for
long-term care insurance, following a six month to
one year deductible period, you can
qualify for these valuable services.
For additional
info, click here.
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- Reversed
Annuity Mortgage (RAM)
- Convert
some of your home equity into a flow of income, while
you remain in your home. This income stream is not
considered 'income' for some state Medicaid programs.
Money can be used for any purpose, including paying for
long term care insurance premiums.
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For
more info on any of these products, please call us at
631-393-5039 or send an email to
info@ltcamerica.com.
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