ZeiglerSeniorNews.com – A campaign to educate seniors on how to use life insurance to pay elder care costs has been launched by a nationally-known elder law attorney and member of Elder Law Answers. Jim “Zig” Zeigler Jr., known for his constitutional challenge to the Deficit Reduction Act, launched a web site on the newest elder care planning tool — www.UseLifeInsuranceForElderCare.com
Long-term care insurance has been a flop in covering elder care costs. The reason? Only 3% of seniors purchased long-term care insurance.
Compare that to the 80% of seniors who purchased life insurance.
Could life insurance instead fund elder care costs? That would mean 80% of seniors are covered rather than 3%. That would be a valuable planning tool for millions and needed relief for the strained federal and state budgets for the Medicaid nursing home program.
That is the scenario posed by Zeigler.
Life insurance pays when you go to the funeral home, not the nursing home. And if you cash-in the surrender value to pay for anything, you get peanuts,” Zeigler said.
This new process enables an owner of life insurance to sell that policy to an investment group. The group then pays a home care agency, assisted living facility, nursing home or other senior residence. And from the moment of sale, the original owner is relieved of the obligation of paying premiums.”
The new strategy goes by different names – Life Care Assurance Benefit, Life Care Funding, Life Insurance Elder Care Conversion, and Elder Life Care. It is not insurance.
“It is a trade of a death benefit for a negotiated number of months of elder care,” Zeigler explained.
A free evaluation of how much elder care benefits a life policy could pay is available on Zeigler’s new site. www.UseLifeInsuranceForElderCare.com
With nursing home costs running $4,000 to $12,000 a month, seniors need every resource to afford care. Even assisted living facilities can run $2,000 to $6,000 a month. And home care costs depend entirely on the number of hours needed daily,” Zeigler said.
“Anyone facing elder care costs needs to develop a plan, and one element of that plan can be using life insurance while living to cover elder care costs.”
“Elder law attorneys hold the key to enabling seniors to use life insurance as elder care benefits. The attorneys already develop plans to cover elder care costs. Now, those attorneys can add life insurance to a planning toolbox that includes Medicaid, Veterans aid and attendance, long-term care insurance, and annuities.”
“We will encourage every elder law attorney to include life insurance in the legal analysis of resources available for elder care costs.”
Zeigler is developing a continuing legal education program titled, “Use Life Insurance for Elder Care.” It will demonstrate for attorneys the uses of life insurance in Medicaid planning, veterans aid and attendance and private-pay planning. It includes marketing strategies on using the high incidence of life insurance ownership to bring in new clients for elder care planning.
The new Zeigler web site is updated weekly and whenever developments occur.
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