New e-book, 'Help on the Way,' explores long-term health-care
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Chris Orestis, senior
health-care advocate and CEO of Life Care Funding, has published a
free e-book, "Help on
the Way," that details the slowly unfolding crisis happening now
in the United States: a "Silver Tsunami" of aging Americans with no
way to pay for long-term care.
Since 2011, 10,000 baby boomers a day are turning 65 —
retirement age. But many don't have enough money to retire, much
less pay for long-term health care if they should require it.
They're joining 40 million older seniors.
"Unfortunately, as we age, we're more likely to suffer a disease
or disability that requires daily caregiving, which can be
expensive," says Orestis, a former insurance industry lobbyist.
"Faced with that, many people cancel their life insurance policies
in order to qualify for Medicaid or to save on premiums.
"What I have been educating consumers for years about and address
in my book is something that the insurance industry has kept secret
for decades because they profit from the cancellations: Your policy
can be used to pay for long-term health care such as home care,
assisted-living or nursing home expenses."
Orestis, who has been lobbying state legislatures to make the
public aware of their legal right to use this option, says seniors
can sell their policy for a substantial percent of its death benefit
value and put the money into an irrevocable fund designated
specifically for their care.
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In "Help on the Way," Orestis explains the legalities of a senior
using their life insurance policy to stay in control of their care;
facts about Medicare and Medicaid eligibility; the forms of care
that can be covered; and dangerous liabilities that can affect
unsuspecting families of seniors, among other topics.
Chris Orestis, nationally known senior health-care advocate and
expert, is CEO of Life
Care Funding, which created the model for converting life
insurance policies into protected long-term care benefit funds. His
company has been providing care benefits to policyholders since
2007. A former life insurance industry lobbyist with a background in
long-term care issues, he created the model to provide an option for
middle-class people who are not wealthy enough to pay for long-term
care and not poor enough to qualify for Medicaid.
[Text from file received from
News and Experts]