Workshop covers long-term care and VA benefits

Twelve million Americans receive long-term care every year, however the challenge is that seniors and their families are facing tough financial decisions about how to pay for their senior care.

Brookdale Place of Wilton will hold an educational workshop about planning for the cost of long-term care on Wednesday, Sept. 17, at noon, at 96 Danbury Road. The workshop is free and open to the public.

One of the items to be discussed is the Long-Term Care Benefit that converts a life insurance policy death benefit into a living benefit; it is not long-term care insurance and it is not a policy loan. It is a unique financial option for seniors, because all health conditions are accepted, there are no wait periods, no care limitations, no costs to apply, and there are no premium payments.

The Long-Term Care Benefit Plan is a Medicaid-qualified spend-down, designed to keep someone private pay as long as possible. Enrollment takes 30 to 45 days and then the monthly payments begin immediately to cover senior care services. Policy owners receive 30 to 60% of the death value while they are still alive and convert it to a Long Term Care Benefit Plan. That will allow them to remain in private pay longer, as opposed to going on Medicaid.

The VA Aid and Attendance Pension offers eligible veterans or their surviving spouses a significant monthly pension, ranging from $1,130 to $2,085 per month, tax-free. To be eligible, veterans must have served 90 consecutive days or more with at least one day during a wartime period — World War II, Korea, etc. — and meet a few medical and financial eligibility criteria. According to the United States Department of Veterans Affairs, about a quarter of the nation’s population — approximately 70 million people — are potentially eligible for VA benefits and services because they are veterans, family members or survivors of veterans.

To register for the workshop, call 203-761-8999.

Information: longtermcarefinancial.com or veteransfinancial.com.