The mother of this family was simply unable to continue living at home and the family was considering all of their Nursing Home options. They realized early on that they would likely need help with paying for assisted living.
At the same time, the family was also preparing to surrender their mother’s $100,000 Universal Life Insurance policy as they were getting ready to apply to a Medicaid approved Nursing Home. The family was helpful and very quick in gathering their mother’s policy information and medical records.
Their mother was quickly able to move into their first choice of Nursing Homes. The mother was able to reside with her friends and relatives, which was everyone’s desire. Again, the family was helpful, but it only took thirty days for their mother to be approved for a long term care benefit plan. Once converted into a long term care benefit plan, the hidden value of her insurance policy yielded two thousand dollars per month for 15 months. She also qualified for a five thousand dollar final expense payment, making the total value of the long term care benefit plan thirty five thousand dollars.
By adding the money that they already had available for paying for assisted living to the long term care benefit plan, the family was able to keep their mother in the preferred nursing home for two years.
**Case study on file