Who is LifeBridge Benefits and what is the LifeBridge Benefits Plan?
LifeBridge Benefits is devoted to educating and helping seniors know their rights and options as a life insurance policy holder. LifeBridge Benefits offers seniors a distinct, creative opportunity to fund their long term health care: the conversion option. What exactly is the LifeBridge Benefits conversion option? LifeBridge Benefits enables a life insurance policy owner to use their in-force policy to cover long-term care and/or senior housing expenses. This is simply accomplished through the conversion of the life insurance policy into the LifeBridge Benefits Plan. Once enrolled in the LifeBridge Benefits Plan, fixed amounts are paid directly to senior housing and long-term care providers including home healthcare, assisted living, and nursing home care.
1. LifeBridge Benefits Plan
The LifeBridge Benefits Plan is not an insurance policy and is not limited to policies including a conversion rider, but instead represents an exchange of a policy in return for a long-term care benefit plan. The option of converting a life insurance policy into a benefit plan is not restricted to particular forms of individual or group life insurance. Moreover, this conversion option is applicable for policies of all sizes.
There is not an age limit, fee or obligation to apply. The policy owner is no longer responsible for monthly premium payments and LifeBridge Benefits will then pay out monthly payments to the facility. The monthly payments are usually paid over a 12 to 30 month period depending on the need of the family. A death benefit is preserved for the families use for end of life expenses. If the policy holder should die before the end of the benefit period, the balance of the LifeBridge Benefit then is paid out to the beneficiary.
2. LifeBridge Medicaid Applicants
Did you know that an existing “in-force” life insurance policy is considered an unqualified asset for Medicaid eligibility? Seniors are often faced with the decision to “walk away” from their policy or pay. Medicaid applicants commonly walk away from the policy should it be during the five-year look back period. What a majority of policy holders do not know is there are options. A policy holder has the right to convert a life insurance policy into a long-term care benefit plan, which is considered a Medicaid qualified spend down of the policy and extends the time a person remains “private pay” before going onto Medicaid. LifeBridge Benefits provides seniors with a private sector alternative that can pay for long-term care, provide an end of life benefit as well as delay seniors from going onto Medicaid.