We all know that Senior Care can be very expensive. Whether its assisted living, a nursing home, home care, illness care, or Alzheimer’s care, any type of senior care can be a devastating financial burden to senior’s and their families. In most cases social security and other government benefits doesn’t even come close to providing for the monthly expenses needed for senior care.
An Abacus Senior Care Benefit Plan May
Provide Financial Help for Senior Care
A Tax advantaged Life Care Benefit Plan can help Senior’s and their families utilize existing life insurance to pay for Senior care. Senior’s and their families can convert the senior’s life insurance into a tax free senior care benefit plan by utilizing a life settlement transaction in a unique way. This option applies to any form of life insurance policy including universal, whole, term and group. The value of the life care benefit is not limited to cash value in the policy and in fact is based on a portion of the death benefit. This means the senior will receive a maximum amount of value toward their Long Term Care Benefit Plan. The Benefit Plan is an irrevocable, FDIC insured benefit account administered by a third-party ensuring the funds are protected for the recipient of care.
The Benefit Plan can be adjusted to meet the changing needs of the enrolled, and provides a final expense benefit to help cover funeral expenses. Lastly, if the insured should pass away before the benefit amount is exhausted, any remaining balance is paid to the family or named beneficiary as a final lump sum payment.
See our short video above explaining the Abacus Senior Care Benefit Plan and how it can help seniors who need care to stay independent financially and physically.
Please contacts us with any questions. 1-800-561-4148