If you are uninsurable or already receiving care, other non-insurance funding options may be available.
Home Care Memberships
A home care membership service is available for those who have aged out of insurance options or have an uninsurable medical condition but are not receiving care at the time of application.
Some insurance policyholders opt for this option to augment their existing coverage. It is very attractive home care and members can use contracted home care agencies or designate their own caregiver. Their designee just cannot be a family member.
Life Settlement Transaction
If you have a life insurance policy, you may qualify for a life settlement or viatical transaction. Here you sell your life insurance and receive cash at a discounted death benefit but no longer pay premiums.
Qualifying depends on your age, health and life expectancy, but may result in more funding than the cash value of a permanent life insurance policy and more than quitting the policy. If you are approaching the end of a term life policy, it would be prudent to explore a life settlement.
The Latest Option
A new funding option just announced is a uniquely designed annuity for people who are already receiving care. It is based on the individual’s health and life expectancy rather than age-based averages. It is designed to fill the gap between income and the cost of care expenses.
Whether you qualify for insurance, plan to self-fund or choose one of the options above, it’s important to have a plan in place.
See the previous blog posts in this series:
Long-Term Care Awareness Month is Coming
The Costs and Funding Options
The Standalone Option
