Life Insurance High Premiums Convert to Affordable Payments for a Long Term Care Facility   by Patrick Hogan

The longer you wait to get long term insurance the higher the premiums are going to be. In certain circumstances it may be impossible to get the insurance. You might think this is not a problem because you are going to use Medicaid anyway. Medicaid is designed to help you through government funds. It is supposed to be something you paid into during life and therefore beneficial when you need a long term care facility. What you might be unaware of is the high cost of Medicaid.

It might be money you paid into for benefits in later life, but the cost of retrieving those funds is spending down all your assets until you have $2,000 in your savings and no more. You also have to have a specific amount of income which is usually less than $2,000 per month. When you look at long term care facility payments in the $3,400s it makes it difficult to actually afford the facility unless you do not sell off everything for Medicaid.

The best thing you can do is wait to use Medicaid until you have nothing left. It might take a short time or it might take more than 20 years to finally need Medicaid if you are willing to look at the alternatives you have to enter a long term care facility. One option you have is to sell your home and use the funds from the sale to cover your assisted living costs. You may not want to sell the home if it is fully paid for or something that has been in your family for generations. Rather, you might want to give it to your children. You could ask your children to help you pay for your long term care facility, but it places a burden on them.

The idea is to make your retirement easy with a retirement account which is big enough to pay for your long term care facility. LifeBridge has an answer to your needs. If you have a long term life insurance policy you can use it through a conversion policy. The conversion policy takes the money from your life insurance policy and makes it available to you now while you are paying for a long term care facility. The important aspect of the conversion policy is that you are using something you have paid on for several years or perhaps a few years.

Let's go back to the high premiums you pay for your life insurance policy. You might feel the high premium is too much to pay and therefore getting rid of the policy for Medicaid is not a big issue. Yet, you could use insurance conversion where you take the money from your whole, term, individual, or group policy and pay for your long term care facility. You are no longer paying the high premiums and are actually using the policy you have paid out on.