Research conducted by The Academy for Private Duty Home Care® shows that there are millions of seniors in the US and Canada who have the personal net worth to pay for home care services on a private pay basis. This is shown by the number of live-in and 24/7 cases served by private duty home care companies all across the country.
However, we are also seeing an increasing number of people who are tapping into alternative sources of funding such as long term care insurance and reverse mortgages. Another option that few people really know about is converting an existing life insurance policy into a private market long term care benefit.
Converting an existing life insurance policy into a long term care benefit plan is not to be confused with a long term care insurance policy. We learned about this process from our Resource Associate, Life Care Funding. They showed us how an existing insurance policy can be converted to a trust fund to pay for home care services.
Here’s a great video that gives you a specific example of how one insurance policy holder converted his life insurance after his wife passed away. Take a look. Then let us know what you think.