How a long-term care benefit account works

A Long-Term Care Benefit Account is a bank-trust account set up to protect the funds from the policy Xchange and specifically to make monthly payments towards any form of senior living and long-term care services the owner wants. Any form of care can be covered including home care, assisted living, skilled nursing care, memory care and even hospice. There are no waiting periods and no claims to file; the account is ready to start making payments towards care as soon it is opened. The account is flexible so payments can start at a designated amount and for any form of care, and then can be adjusted to meet changing care needs. There is a final expense benefit with the account, and if the insured passes away before the funds in the account are spent-down, any remaining balance will transfer to the named account beneficiaries.

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