Long Term Care Insurance New York State Partnership Cost and Companies
New York Long Term Care Planning
Planning ahead for future long term care needs is a critical part of retirement planning. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
A long term care plan can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need in the future. Long term care insurance also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
Who Needs Long Term Care?
According to the United States Department of Health and Human Services, about 70 percent of people over age 65 will need long term care services during their lifetime. The need for long term care impacts younger people too, as 40 percent of people currently receiving long term care are between 18 and 64.
And the risk of needing long term care services goes up as we age. Further, women are at greater risk of needing care because they outlive men by five years on average.
Does Medicare Pay For Long Term Care Costs?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up more than 90% of long term care.
An example of custodial care is when someone needs help with walking, bathing, eating, dressing and using the toilet. Custodial care is also what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease.
Types of Long Term Care Insurance
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. One of our independent long term care agents can explain the differences to help you decide which is best for you. Simply complete the form on this page to request long term care insurance comparisons specific to your situation.
The Best Age To Buy Long Term Care Insurance
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
- Even though you’ll have to pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
New York Long Term Care Costs
Genworth Long Term Care conducts a national study on the cost of long term care services. The Genworth Financial 2018 Cost of Care Survey included over 15,000 long term care providers in more than 440 regions. Another extensive study is from John Hancock Life Insurance Company. The John Hancock Cost of Care Calculator examines New York long term care costs by region. It provides the option to adjust long term care costs for inflation based on past indicators.
New York long term care costs are important to factor into your long term care planning. The cost of long term care if a prime indicator in choosing how much long term care insurance to include in your retirement plan.
New York Long Term Care Costs – 2018 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| New York Median | $146,274 | $141,073 | $50,220 | $57,200 |
| Albany Area | $157,994 | $150,205 | $60,600 | $58,344 |
| Binghamton | $133,094 | $130,192 | $63,240 | $55,484 |
| Buffalo Area | $152,030 | $135,415 | $46,740 | $56,285 |
| Elmira | $144,934 | $140,189 | $68,514 | $60,632 |
| Glens Falls | $136,437 | $132,539 | $31,200 | $54,912 |
| Ithaca | $119,538 | $114,975 | $60,000 | $59,488 |
| Kingston | $154,369 | $150,081 | $49,200 | $57,200 |
| New York Area | $155,125 | $145,088 | $70,989 | $57,200 |
| Rochester | $153,665 | $146,000 | $52,755 | $57,200 |
| Syracuse | $146,365 | $141,620 | $50,220 | $59,488 |
| Utica Area | $117,348 | $114,986 | $31,500 | $57,200 |
| Watertown Area | $140,525 | $133,466 | $66,105 | $53,196 |
| Rest of New York | $118,625 | $114,610 | $40,320 | $58,344 |
Long Term Care Insurance New York State Partnership
The New York State Partnership for Long Term Care (NYSPLTC) is a special Department of Health program combining private long term care insurance with Medicaid Extended Coverage (MEC). The NYSPLTC helps New Yorkers prepare for the possibility of needing nursing home care, assisted living care or home care. The Long Term Care Insurance New York Partnership program allows those with a Partnership insurance policy to keep all or part of their assets under the Medicaid program, if their long term care needs last longer than the benefits of their insurance policy.
The Long Term Care Insurance New York Partnership requires long term care insurance companies offering Partnership LTC policies in New York to offer specific benefits. This rule can help simplify choosing your long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance providers conducting business in New York, in conjunction with the New York State Long Term Care Partnership, provide long term care insurance policies known as “Partnership policies”.
New York Long Term Care Insurance Rates
A Long Term Care Insurance New York State Partnership policy will have premiums like Non-Partnership policies, when designed with similar benefits. But the required benefits of a New York State Long Term Care Partnership policy may limit flexibility in benefit design. So, considering Non-Partnership LTC policies may provide a wider range of benefit options. This wider range of options may provide more affordable long term care insurance. A long term care insurance agent can illustrate these options for you.
Long Term Care Insurance New York Reciprocity
Reciprocity allows you to buy a qualifying Partnership LTC policy in another state and keep the unique asset protection features if you move to New York. The State of New York will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before moving to New York.
How Much Does LTC Insurance Cost In New York?
How much does long term care insurance cost in New York? The answer: It depends on your age and health history at the time you buy insurance. In general, the younger and healthier you are the lower the premium. The cost will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Long Term Care Insurance Companies in New York
New York long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Here is a list of long term care insurance companies offering coverage in New York:
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Get New York Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care Insurance options since 1990. We give unbiased information to help you decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance providers in New York and provide you with:
- Price comparisons customized for your specific needs from well respected long term care providers like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others. We also provide detailed comparisons to the AARP LTC insurance offering.
- Benefit comparisons of each company’s policy. This side-by-side comparison covers both the similarities and differences of each LTC policy.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.