Life Care Funding CEO to Testify Before Maine Senate in Favor of Legislation Supporting Conversion of Life Insurance Policies to Pay for Long-Term Care as a Medicaid Spend-Down
Conversion option in LD 1092 provides alternative funding choice for seniors facing long-term care decisions
AUGUSTA, Maine, April 23, 2013 /PRNewswire/ –
WHAT: Chris Orestis, CEO, Life Care Funding, will testify before the Maine Senate Committee on Insurance and Financial Services. LD 1092 is the first bill in Maine to inform life insurance policy owners that they can convert a policy into a Long Term Care Benefit Plan as part of a Medicaid qualified spend-down. Life Care Funding, a Maine-based company that works with the long- term care industry across the United States, is a proponent for seniors with life insurance policies and their families who need to pay for long term care. There are over 500,000 in-force life insurance policies with a combined death benefit value of $98 billion in the state of Maine. Too often seniors who have paid life insurance premiums for years abandon those policies as they begin preparing for long- term care. Either they can no longer afford the premium payments or their policy is considered an asset that will count against Medicaid eligibility. Maine was one of the first states in the nation to pass a law requiring insurance companies to inform seniors of alternatives such as this to the lapse or surrender of a life insurance policy. In addition to Maine, Life Care Funding has championed legislation similar to LD 1092 that has been introduced in Florida, Texas, Louisiana and Kentucky. Despite insurance industry opposition to this consumer protection measure, it is gaining support across the country as more states are preparing to introduce conversion bills to encourage seniors to use life insurance to help pay for the costs of long-term care. WHO: Chris Orestis, CEO, Life Care Funding Maine Senate Committee on Insurance and Financial Services WHEN: Wednesday, April 24, 2013 2 p.m. EST WHERE: State House Complex Cross Building, Room 220 Augusta, ME
About Life Care Funding
Founded in 2007, Life Care Funding (LCF) assists people in need of funds to cover the costs of senior housing and long term care. Working with over 4,000 senior-living and long term care providers in the United States, LCF originated and is the market leader of converting the death benefit of an in-force life insurance policy into a Long Term Care Benefit Plan to help pay for skilled nursing home care, assisted living, home health care, and hospice. Life Care Funding (www.lifecarefunding.com) can be reached at 888-670-7773 or firstname.lastname@example.org.
SOURCE Life Care Funding