Brookdale Senior Living introducing the Viatical Assisted Living Conversion concept to Brookdale’s communities across the United States in February. After only the first month, Viatical.org is pleased to share this successful case study. This most recent Viatical Assisted Living Conversion truly affected the quality of life for the underlying family. A Viatical Assisted Living Conversion converts an in-force life insurance policy into an immediate payout long term care benefit. Qualifying for the conversion is usually quick, uncomplicated, and can often be completed in as little time as 30 days.
Brookdale Place at San Marcos
The applicant and his wife wanted to move to California to be closer to their daughter and needed to enter an Assisted Living facility due to health concerns. Their daughter conducted some research and found out about a Viatical Assisted Living Conversion. She inquired with Brookdale Place of San Marcos as to whether they could use the Viatical Assisted Living Conversion, rather than private pay, to pay for their monthly expenses. We worked closely with the admittance Manager and the family, including the daughter who works at a law firm. At the same time they applied for the Viatical Assisted Living Conversion, they sold their home to prepare for the move to San Marcos. The applicant accepted the Viatical Assisted Living Conversion prior to moving, but started the monthly benefits after he had arrived in California. Knowing he had the Viatical Assisted Living Conversion assisted them in making the final decision for their move. He moved into Brookdale Place of San Marcos in February.
Long Term Care Benefit Case Study
Gender/ Age / DOB
Male / 81 / 5/28/29
Facility: Brookdale Place of San Marcos, San Marcos, CA
Face Value: $150,000
Viatical Conversion: $45,000
Final Expense Benefit: $5,000
Monthly Benefit: $2666.67
Benefit Period: 15 months
Key Benefits of a Viatical Assisted Living Conversion for Assisted Living Funding:
- Simple application and review process
- No age or policy size minimum
- No premium payments
- All types of in-force life insurance qualify
- Fixed payments made directly to care provider/facility
- Preserves partial death benefit
- SNF, AL, Home Health and Hospice all qualify
A Viatical Assisted Living Conversion allows the owner of an in-force life insurance policy to convert their policy into a long term care benefit to help cover the costs of Senior Living and Long Term Care. Additionally it can cover costs to pay for assisted living or to pay for a nursing home. Once enrolled, the benefit plan is administered on behalf of the family and the benefit payments are made directly to the facility on a monthly basis. A final expense funeral benefit is preserved for every family. Families with the need to pay for long term care or elder care that are unable or unwilling to keep their life insurance policy in-force by maintaining premium payments, or are planning to abandon as part of a Medicaid spend down regimen, a Viatical Assisted Living Conversion is often a much better choice.