Life Care Funding, is an American financial, senior care advisory and life settlement company based in Portland, Maine and now operates as LCX LIFE. The company works with seniors to help them access funding solutions to pay for senior living and long term care, and specializes in settling life insurance policies into Long Term Care funds for customers who cannot afford long-term care.[1][2] The company was founded by Chris Orestis[1] in 2007.[3] Life Care Funding has contributed to legislation reform to help middle-class people to obtain funding for long-term care.[4]
| Industry | Health care, Financing |
|---|---|
| Founded | 2007 |
| Founder | Chris Orestis |
| Headquarters | Portland, Maine |
| Services | Long-term care funding |
History
editLife Care Funding was founded in 2007[5][6] by CEO Chris Orestis, a life insurance industry lobbyist, senior care expert and advocate.[7][8] The company works with Life Settlements[4] to convert life insurance life insurance policies into long-term care benefit funds.[9][10]
The company focuses on the use of life settlements as a tax-free vehicle for seniors to pay for Long-Term Care through the creation of an LTC-HSA. What has become known as a “Long-Term Care Benefit Plan”, is now an accepted form of payment for Senior Care services with every care provider in the United States. [11][12][13] The Long-Term Care Benefit is funded through the life settlement of a life insurance policy and then paid into an FDIC insured account which sends monthly, tax-free payments to a long-term care provider.[14][15][16]
The company is headquartered in Maine and has affiliated offices around the country.[4]
Legislation reform
editSeniors with a life insurance policy are not eligible for Medicaid.[7] Orestis created a model for middle-class people to pay for long-term care when they cannot pay out of pocket or through Medicaid. He made legislation reform recommendations based on his model to the federal Commission on Long-Term Care.[17]
Life Care Funding worked with the National Conference of Insurance Legislators (NCOIL), the Florida Medicaid Department, the Florida and Texas Health Care Associations, AARP, the insurance industry and life settlement industry to develop private pay funding options that Medicaid would qualify as a spend-down.[4] Orestis has testified before the National Conference of Insurance Legislators' (NCOIL), state legislatures and special commissions of Florida,[18] Texas, New Jersey, Louisiana, and Maine, and contributed to the report of the Congressional Commission on Long-Term Care.[4][19] In 2013, eight states introduced the Medicaid Life Settlement legislation to encourage use of private pay conversions of life insurance policies into long-term care benefit plans.[19] By 2015, thirteen states had introduced the legislation and two states had passed it into law.[20] State regulatory bodies are working to pass a model disclosure law which will require that policy owners be informed of their legal right to convert their policy's death benefit for use toward long-term care.[21] Legislation that allows seniors to pay for long-term care through the sale of life insurance policies rather than through Medicaid payments both lower Medicaid bills and increase access to needed care.[22]
See also
editReferences
edit- ^ a b Kelly Greene (June 16, 2013). "States Ease Use of Life Policies for Elder Care". The Wall Street Journal. Retrieved March 25, 2015.
- ^ "Virtual Health Teams with Life Funding Group". LifeHealth Pro. October 12, 2011. Retrieved March 25, 2015.
- ^ Derek Jones (October 2, 2013). "Planning and Paying for Long-Term Care". Griswold Home Care. Retrieved March 25, 2015.
- ^ a b c d e "Our Long Term Care Benefit Plan Provider – Life Care Funding". Elder Care Funding. Retrieved March 25, 2015.
- ^ Darren Fishell (September 12, 2014). "Former insurance lobbyist teaches seniors how to avoid Medicaid for end-of-life care". Bangor Daily News. Retrieved March 25, 2015.
- ^ Jonathan Davitt. "An Interview on Long Term Care Benefit Plans and Legislation – Part 1". Producers eSource. Retrieved March 25, 2015.
- ^ a b Alyssa Gerace. "Dwindling Savings Puts Spotlight on Supplemental Income Options". ALFA. Retrieved March 25, 2015.
- ^ Anne-Marie Botek. "How to Use a Life Insurance Policy to Pay for Long Term Care". AgingCare.com. Retrieved March 25, 2015.
- ^ "LTC Financing in Crisis, Commission Say". ThinkAdvisor. September 17, 2013. Retrieved March 25, 2015.
- ^ "Cost of Assisted Living". ALFA. Retrieved March 25, 2015.
- ^ "New Firm Swaps Life Insurance Policies for Long-Term Care". Financial Planning. December 2013. Retrieved March 25, 2015.
- ^ Paula Span (October 9, 2013). "A New Way to Pay for Long-Term Care". The New York Times. Retrieved March 25, 2015.
- ^ Jackie Farwell (April 23, 2013). "Maine lawmaker's bill highlights novel option for affording long-term care: life insurance". Bangor Daily News. Retrieved March 25, 2015.
- ^ "How to Pay for Senior Care with Limited Resources". Houston Style Magazine. August 14, 2013. Retrieved March 25, 2015.
- ^ Alyssa Gerace (September 27, 2012). "New Financial Tools Emerge to Help Seniors Stay at Home". Reverse Mortgage Daily. Retrieved March 25, 2015.
- ^ "Planning Resources". Capital Senior Living. Retrieved March 25, 2015.
- ^ Casey Dowd (September 19, 2013). "Why it's Time to Change Our Approach to Long-Term Care". Fox Business. Archived from the original on June 23, 2015. Retrieved June 5, 2015.
- ^ "Medicaid Privatization Begins in Florida, Likely to Grow Nationally". ThinkAdvisor. October 13, 2013. Retrieved June 5, 2015.
- ^ a b Susan Rupe (November 2013). "Hybrid Policies Add to the LCTi Market Challenge". Insurance News Net Magazine. Retrieved June 5, 2015.
- ^ Donna Horowitz (12 February 2015). "Georgia Medicaid bill introduced". The Deal. Retrieved June 5, 2015.
- ^ "Feds Eye Life Settlements for LTC Funding". Insurance News Net Magazine. December 2013. Retrieved June 5, 2015.
- ^ "Medicaid Privatization Begins in Florida, Likely to Grow Nationally". ThinkAdvisor. October 13, 2013. Retrieved June 5, 2015.