FAST FACTS Long-Term Care Benefit Account Funded by LTC-Life Settlements •
The funds from the LTC-Life Settlement are tax-free based on the HIPAA exemption for anyone diagnosed as terminal or chronic (2 ADL’s or more).
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The settlement can be split between a lump-sum and what is put into the LTC-Benefit Account.
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The LTC-Benefit Account is FDIC-insured, irrevocable, and managed by a third-party account administrator.
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The money in the account is used to cover health, senior living and long-term care costs.
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There are no fees charged for the account, and the account is non-interest bearing.
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The account owner can choose any form of health or senior care costs to be paid on a monthly basis.
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The account can pay for the costs of the account owner as well as a spouse or loved-one.
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Benefit payments are made monthly and are paid directly to the care provider.
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The monthly payments are adjustable and can change to meet changes in costs of housing and care.
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The LTC-Benefit payments are tax-free; are a Medicaid qualified spend-down; and qualify to be used with the VA Aid & Attendance Benefit.
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If there is any remaining account balance when the account owner dies, it transfers to whoever has been named the account beneficiary (one or more people) tax-free if they are below the estate-tax limit.
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The process to enroll is quick and can be done in 60-90 days with payments starting immediately once the LTC-Benefit Account is funded.
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The Long-Term Care Benefit Plan has been available to cover senior housing and long-term care costs since 2007, is accepted by all senior care providers, and is offered by thousands of senior care providers, insurance and financial advisors, and legal professionals across the country.
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The NAIC endorses LTC-Life Settlements and the use of a Long-Term Care Benefit Account to pay for senior care needs and Congress introduced H.R. 5958, the “Senior Health Planning Account Act”, a bipartisan bill that provides a tax-free way for seniors to roll over their proceeds from an LTC-Life Settlement into a “Senior Heath Planning Accounts” (SHPA).
LCX Life: LCX Life is the only Life Settlement Marketing Organization (LSMO) in the insurance industry. Our mission is to work with agents, advisors, and our IMO/BGA partners to build a network of Appointed Referral Agents who are educated and supported to offer the life settlement option to policy owners contemplating lapse or surrender. We also work with independent agents, financial advisors, lawyers, accountants, and long-term care industry service providers. With LCX Life, we can rescue thousands of policies every year, and in the process, deliver a recurring revenue stream to your organization. www.lcxlife.com