Since Settlement Benefits Association was founded in 2002, we have continually helped bring new facets of the Life Settlement industry to consumers. This has included changes in our ability to handle small face amount transactions, irrevocable beneficiary transactions, loan programs, and many other permutations of a “typical” Life Settlement. As a broker, our mission has always been to fund every policy and our ability to handle the many different options available to consumers continues to be a major part of our ability to help policy owners understand and maximize the value of their life insurance.
Having built that history and platform, we feel its important to begin working on the next industry innovation, which will be Medicaid Life Settlements.
What is a Medicaid Life Settlement?
The idea behind a Medicaid Life Settlement is to establish a new solution that brings new benefits to consumers, states, and the medicaid system as a whole. The rising costs of healthcare have put the federal and state governments in a difficult position. Funding is already stressed, and projections show that the problem will only grow in the near future. Meanwhile, these same costs have prevented some consumers from affording the care they need.
The solution of a Medicaid Life Settlement is to leverage the existing life insurance policies of an individual about to begin medicaid. Instead of forcing a policy lapse or other loss in value, new laws are being crafted to allow the policy to become a funding mechanism for the needs of the policy owner. This not only benefits the governments and the consumers, but also the care providers who will have a larger supply of paying customers.
How will it work?
At Settlement Benefits Association, our process always includes evaluating all possible options. We help consumers understand and maximize the value of a life insurance policy and this will be no different. Although the process may differ by state and by product, we will streamline this for our clients. For more information, contact us or request a free policy evaluation.