Steinbacher, Goodall & Yurchak is very pleased to offer a new service—the Long Term Care Benefit Plan. Facility residents or in-home care recipients who are running out of available assets to pay for their care may have a source of additional funds they are not aware of—life insurance policy death benefits. The Long Term Care Benefit Plan refers to the conversion of a portion of the death benefit of a life insurance policy into an FDIC insured, irrevocable benefit account that is earmarked to pay for long-term care. An individual establishes a set monthly amount to be paid from the benefit account to the facility or in-home care provider.
The death benefit of a term, group, universal, or whole life insurance policy that might otherwise lapse or be surrendered due to an inability to pay premiums can be put to good use during the policy owner’s lifetime. This allows an individual to pay an in-home care provider or facility and remain in the place she/he calls home.
Regardless of your personal or financial circumstances, if you are faced with the stress of diminishing resources, this option may be right for you. Steinbacher, Goodall & Yurchak is prepared to help our clients determine whether the Long Term Care Benefit Plan is a good option for them. Call us at 1(800)-237-4100 to schedule your FREE initial consultation in Williamsport or State College.