Industry Health care, Financing Headquarters Portland Founded 2007 | Services Long-term care funding Founder Chris Orestis Parent organization Resource Capital Corp. | |
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How do people pay for home care life care funding
Life Care Funding is an American life settlement company based in Portland, Maine. The company changes life insurance policies into Long Term Care Benefit Plans for customers who cannot afford long-term care. The company was co-founded by Chris Orestis and Don Poole in 2007. Life Care Funding has contributed to legislation reform to help middle-class people to obtain funding for long-term care.
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History
Life Care Funding was founded in 2007 by Don Poole and CEO Chris Orestis, a life insurance industry lobbyist. The company works with licensed Life Settlement Providers to convert life insurance policies into long-term care benefit funds.
The company buys life insurance policies for a portion of their value, paying the policy premiums then collecting the death benefits. The purchase of a life insurance policy is paid into an FDIC insured account which sends monthly payments to a long-term care provider.
The company is headquartered in Maine and has offices in California and New York.
Legislation reform
Seniors with a life insurance policy are not eligible for Medicaid. 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.
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. Orestis has testified before the National Conference of Insurance Legislators' (NCOIL), state legislatures and special commissions of Florida, Texas, New Jersey, Louisiana, and Maine, and contributed to the report of the Congressional Commission on Long-Term Care. 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. By 2015, thirteen states had introduced the legislation and two states had passed it into law. 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. 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.
Philanthropy
Life Care Funding partners with Emeritus, and companies such as Omnicare, Caring.com, the Fischer Group, Gulf South, Kellogg's and Campbell's to deliver care packages to senior veterans or surviving spouses during Memorial Day week to help them stay in their homes safely.