Houston, TX, August 07, 2014 --(PR.com
)-- Financial Strategist Grace Harrington, CLTC, announced today the introduction of the Long-Term Care Benefit program as a financial planning tool to help families struggling with the costs of long-term care. The Long-Term Care Benefit program converts a life insurance policy into a monthly benefit that pays for any form of Senior Care including Homecare, Assisted Living, Nursing Home, Memory Care, and Hospice.
Not to be confused with long-term care insurance, an annuity, or a policy loan, the Long-Term Care Benefit is unique because there are no wait periods to qualify, no limitations, no costs to apply, and no premium payments. Instead of lapsing or surrendering a life insurance policy, the death benefit is converted into a “living benefit” in the form of an irrevocable, FIDC insured account that makes monthly payments automatically to the account holder’s choice of care provider. This applies to term and permanent life insurance products.
“Most people do not realize that a life insurance policy is an asset that they are legally entitled to convert into another form of coverage instead of lapsing or surrendering their policy,” said Grace Harrington. “I am thrilled to give people a quick and simple option to convert a life insurance policy’s death benefit into a Long-Term Care Benefit and immediately apply it towards their choice of senior care.”
The Long-Term Care Benefit Plan has become an accepted form of payment for every form of Senior Care services across the United States because it pays out the present day value of a policy and keeps the account holder private pay, delaying their need to go onto Medicaid, and allowing them to choose the form of care they want.
“Seniors don’t want to go onto Medicaid and move straight into a nursing home,” said Harrington, “and a big advantage of the Benefit Account is that it allows for immediate use, and as care needs change the flexibility to be able to adjust the monthly benefit amount and move from one form of care to another.”
One of the biggest challenges families face when confronting long term care is the expense. Millions of seniors with a life insurance policy now have an option available to convert a portion of the death benefit to help cover these costs. Texas and Kentucky were the first two states to put this groundbreaking legislation into LAW in 2013.
Grace Harrington shows conscientious Americans who are concerned about putting a financial burden on their families or needing long term care how to educate themselves by understanding the true risks, costs, and alternatives in long term care planning. Her clients are empowered knowing they have explored all of their options and designed a cost effective plan to protect their family and their assets.
For more information contact:
Grace M. Harrington, CLTC
Financial Strategist – Certified in Long-Term Care