We are the Regional Director for Eldercare Financial Solutions and specialize in converting the death benefit of an in-force life insurance policy into a long-term care benefit that pays the senior care facilities at private pay rates AT NO COST. Licensed in all states, we purchase life insurance policies of all sizes and work with consumers and/or long-term care facilities.
1. For Long-Term Care Facilities that Accept Medicaid Reimbursement
Our program enables long-term care facilities to begin receiving immediate payments at private pay rates for applicants who anticipate Medicaid support. Rather than abandoning their life insurance policies to comply with Medicaid spend-down rules, ElderCare Financial Solutions acquires those policies and converts them to a long-term care benefit that's paid monthy to the facility. The amount of total benefit depends on several variables, but undoubtedly will exceed cash surrender value.
Though New York and Arizona currently allow the family to retain death benefits of a policy without jeapardizing Medicaid support, the word is that both New York and Arizona are expected to soon amend their rules to more closely mirror the other states. Even with New York's current rules, you can see that families often still need the cash for the policy or a long-term care program for an aging loved one. That's where we come in -
We increase cash flow as the facility awaits initial Medicaid reimbursement.
We don't replace any current vendors or activities.
Families benefit. An abandoned policy is turned into a valuable asset. We reserve an end-of-life benefits, plus distribute to them any balance if the insured expires before we finish payments.
Medicaid benefits, as we pay the facility until our stream expires and Medicaid assumes support.
2. For Private Pay and Assisted-Living Facilities
Private pay residents also benefit as a life insurance policy conversion can afford them the time for an orderly liquidation of non-cash assets at maximum value and to meet any lump sum prepayments or guarantees.