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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
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Is the person already on Medicaid? didn't this have to be disclosed? Generally, the policy has to be cashed in or sold for fair market value, and the cash used for care of the person
Im assuming this is about LTC NH Medicaid for your mom/dad, right? Like need to be in living in a facility & are looking to Medicaid to pay.
if so, whole life policy will have a “cash value”. As such it’s an asset for how LTC Medicaid looks at thier resources. Medicaid is going to expect the policy to be cashed in and then used in a spend down till they become impoverished to be eligible for Medicaid. For individual LTC Medicaid their nonexempt assets are max 2k; for couples it’s more and way way more complicated as they can have assets shifted to the staying in the community spouse.
Personally to me if you absolutely know for sure mom or dad has a whole life policy, and it’s not huge $, I’d try to get them to cash it in BEFORE ever filing a Medicaid application. It will be less paperwork and they won’t go thru the eligible / not eligible/ once again eligible yo-yo if they apply now, then do the cash out and have to reapply. This way they or you as thier dPOA use the $ for a spend down that’s ok for Medicaid rules for your state. Most insurance co have on-line to start the process on doing cash out. There could be small fee. It could take 3-6 weeks.
If it’s actually a big $$$ policy, like over 500k/1M, that’s a whole different creature to deal with. Those are viatical settlements territory and you might be able to get several bids from investors who want to buy the policy. These will need oodles of paperwork to determine risk. I would not try to diy one of these but work with a broker.
$ must be used for their care or needs. No gifting. No transfers to others.
If they are already in a facility, and this is a smaller life insurance policy (under 50k), you might want to speak with biz office as to if might be lower private pay rate if mom was to sign over the policy to them to be used as a draw.
Please make absolutely sure it is whole life and not term. If it’s term, those do not have to get cashed out; term is based on the “face value” even if the old, paid up & now worth way way more than the face value.
I would ask an insurance agent before I did anything. There are so many different types of policies. You might have the option to convert to a term life or sell it as igloo572 suggests.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Like need to be in living in a facility & are looking to Medicaid to pay.
if so, whole life policy will have a “cash value”. As such it’s an asset for how LTC Medicaid looks at thier resources. Medicaid is going to expect the policy to be cashed in and then used in a spend down till they become impoverished to be eligible for Medicaid. For individual LTC Medicaid their nonexempt assets are max 2k; for couples it’s more and way way more complicated as they can have assets shifted to the staying in the community spouse.
Personally to me if you absolutely know for sure mom or dad has a whole life policy, and it’s not huge $, I’d try to get them to cash it in BEFORE ever filing a Medicaid application. It will be less paperwork and they won’t go thru the eligible / not eligible/ once again eligible yo-yo if they apply now, then do the cash out and have to reapply. This way they or you as thier dPOA use the $ for a spend down that’s ok for Medicaid rules for your state. Most insurance co have on-line to start the process on doing cash out. There could be small fee. It could take 3-6 weeks.
If it’s actually a big $$$ policy, like over 500k/1M, that’s a whole different creature to deal with. Those are viatical settlements territory and you might be able to get several bids from investors who want to buy the policy. These will need oodles of paperwork to determine risk. I would not try to diy one of these but work with a broker.
$ must be used for their care or needs. No gifting. No transfers to others.
If they are already in a facility, and this is a smaller life insurance policy (under 50k), you might want to speak with biz office as to if might be lower private pay rate if mom was to sign over the policy to them to be used as a draw.
Please make absolutely sure it is whole life and not term. If it’s term, those do not have to get cashed out; term is based on the “face value” even if the old, paid up & now worth way way more than the face value.
Look at evaluatelifeinsurance.org for more ideas.