ORLANDO, FL--(Marketwired - Jun 20, 2013) - Texas Governor Rick Perry signed a groundbreaking law that will require Medicaid applicants to be informed about the option to sell their life insurance policies through a life settlement -- instead of lapsing or surrendering the policy -- and apply the proceeds to fund direct long-term care services while preserving their Medicaid eligibility. The new law is a "win-win" for consumers and taxpayers, as the life settlement proceeds will delay, and in some cases defer, individuals from going on Medicaid.
LISA applauds Texas for being the first state to adopt this new Medicaid Life Settlement Law and recognizing that when consumers sell their policies and use the proceeds to finance their long-term care needs they are helping themselves and their families as well as reducing the burden on Medicaid. A growing number of states are also considering similar legislation, including California, New York, Florida, Kentucky, Maine, Louisiana and New Jersey.
Because these new laws and the numerous news stories and articles that are being published recently about how life settlements are helping seniors cover their costs for long-term care, LISA is pleased to announce that it is hosting two webinars, titled: "An Introduction to Life Settlements for Seniors, their Families and Elder Care Providers." These webinars will be a primer on the benefits of life settlements, the process of the life settlement transaction, laws and regulation governing life settlements, and other useful information. The webinars are intended to introduce life settlements to a new audience that may be unfamiliar with policy owners' rights to sell their life insurance policies, including long-term care providers, elder care advisors, adult children of aging parents, and seniors themselves.
The first webinar will be held on Thursday, June 27, 2013, at 10:00 AM ET. For more information and to register for the webinars, go to https://www4.gotomeeting.com/register/851937399.
Established in 1994, the Life Insurance Settlement Association is the oldest and largest trade organization in the life settlement market. Its goal is to advance the highest standards of conduct for market participants and to promote education and awareness to consumers, investors, and public officials. LISA represents more than 90 member firms including 2500 professionals from life settlement brokers, life settlement providers, institutional investors, life settlement servicers, and other service providers.