Paying for Long
converting the policy, ownership of the policy
transfers to an entity that acts as a benefits
administrator and assumes all responsibility for
premium payments. To convert, the previous
policy holder must have an immediate need
for long-term care, and he or she arranges
monthly payouts to help cover services.
Payouts are made directly to the care provider,
not the previous policy owner. Contact your
insurance agent to see if your policy is eligible
A reverse mortgage is a loan program
available to homeowners, 62 years or older,
that allows them to convert part of the
equity in their homes into cash. The reverse
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how much can be paid out each day. There
may also be a limit of a specified number of
days to be covered.
• Florida LTC Partnership Program: To
encourage individuals to purchase private
long-term care insurance, the State of
Florida has developed a partnership program
between Medicaid and private insurers.
Florida Long-Term Care Partnership Program
policies are tax qualified, provide inflation
protection and provide dollar for dollar asset
protection in the event you need to pay for
long-term care Medicaid assistance.
Certain life insurance policies can
be converted into long-term care Benefit
Plan Account to pay for long-term care. In
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SHINE is a grant program of the federal Administration
for Community Living and is administered
by the Florida Department of Elder Affairs
in partnership with the state’s eleven Aging and
Disability Resource Centers.