Long Term Care
The greatest threat facing older people and their families today may be the financial, social, psychological and familial consequences of needing long term care.
- Insurance for Long Term Care Services in New York State -- Learn about consumer protections and long term care insurance policies in New York State.
Long Term Care Insurance
Long term care insurance can help you:
- protect your family from the catastrophic costs of long term care;
- remain in control of your assets; and,
- maintain your own independence and dignity.
Private long term care insurance is a way to avoid spending all of your assets when long term care is needed.
Long term care in a New York State nursing home costs about $96,000 per year (more in the New York City area). The cost of long term care insurance depends on your age, the benefits you choose, the length of coverage and other factors.
Long term care insurance policies vary widely in the coverage they provide, and consumers are wise to do some research before purchasing any long term care insurance policy.
Insurance for Long Term Care Services in New York State
A variety of policies is available to cover long term care services. Insurance for Long Term Care Services in New York State describes the types of policies offered in New York State, covered services, State and federal tax benefits and the New York State Partnership for Long Term Care. It introduces insurance requirements and consumer protections and includes a directory of long term care insurers.
If you would like a packet of long term care insurance information, please call Plan Ahead NY at 1-866-950-PLAN [1-866-950-7526]
A Note to Consumers
There is NO ONE RULE for everyone to use to determine whether long term care insurance is right for them in terms of either coverage or affordability.
As is the case with any options for health insurance, consumers have choices. As usual, they should make their own decisions based on their own goals, needs and circumstances AND with full awareness of the consequences of their decisions and the consumer protections available to them.
NO MAJOR LIFE DECISION should be made without a FULL understanding of the benefits, costs, and consequences from a variety of perspectives. Making long term care planning and insurance decisions can be a team effort for the consumer, additional information may be found at the
PlanAheadNY
site. Other members of the consumer's "team" might include family members, a financial planner, an attorney, an insurance agent, an accountant and a tax specialist. In addition, many Medicare beneficiaries also receive counseling on LTC insurance from the New York State Health Insurance Information Counseling and Assistance Program (HIICAP) where trained counselors are available to answer questions and assist with the application process for health, prescription and long term care insurance. HIICAP can be reached at 1-800-701-0501.
These professionals can help you to decide whether long term care insurance makes sound financial sense for achieving your goals -- usually protecting the life style of your spouse and/or family and protecting your assets for your heirs.