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Alternate Ways to Finance Long Term Care
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.  
 
To schedule a consultation, call us at 631-393-5039 or send an email to: info@ltcamerica.com.
 
Annuities
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. 
 
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:

 

Annuities for Medicaid Eligibility
Especially endorsed annuities that meet Medicaid eligibility standards convert a resource into a stream of income.  This may be highly beneficial in certain situations.
 
Medically Underwritten Single Premium Immediate Annuities
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.
 
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. 

 

If you want state info or local information to contact Medicaid, visit the official site at http://www.cms.hhs.gov/medicaid/consumer.asp?
 
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.
 
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.
 
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.
 
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.  
 
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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To schedule a consultation, request a long-term care insurance quote, or other questions, please contact us:

 

LTC America, LLC 8110 Cavalli Way, Lake Worth, FL 33467

phone 880-380-5443 fax 561-880-6880 email: info@ltcamerica.com

Offices located in New York South Florida

contact webmaster: webmaster@ltcamerica.com

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