Long Term Care Insurance New York State Partnership Cost and Companies
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”.
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.
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 2017 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 – 2017 (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 | $140,416 | $132,907 | $47,850 | $54,340 |
| Albany Area | $140,525 | $133,225 | $51,000 | $57,200 |
| Binghamton | $130,141 | $126,962 | $67,320 | $52,624 |
| Bronx | $160,600 | $152,388 | $23,556 | $50,336 |
| Brooklyn | $155,125 | $138,700 | $30,300 | $48,048 |
| Buffalo Area | $137,058 | $132,860 | $49,116 | $57,200 |
| Elmira | $131,400 | $131,400 | $48,990 | $57,200 |
| Glens Falls | $133,225 | $124,100 | $41,040 | $57,200 |
| Ithaca | $115,961 | $111,121 | $65,520 | $57,200 |
| Kingston | $146,000 | $136,875 | $26,250 | $52,349 |
| Long Island | $170,638 | $162,425 | $48,000 | $52,624 |
| Manhattan | $215,770 | $209,725 | $67,200 | $54,912 |
| Outer New York City | $156,782 | $150,745 | $62,652 | $57,200 |
| Queens | $141,438 | $132,313 | $47,400 | $46,904 |
| Rochester | $153,592 | $128,845 | $47,697 | $54,912 |
| Staten Island | $133,225 | $127,750 | $38,400 | $48,048 |
| Syracuse | $141,759 | $133,075 | $45,600 | $58,298 |
| Utica Area | $119,173 | $111,873 | $42,024 | $56,056 |
| Watertown Area | $128,663 | $121,728 | $81,720 | $50,336 |
| Rest of State | $121,363 | $116,475 | $39,630 | $55,209 |
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. The following is a good resource on the Long Term Care Insurance New York Partnership programs and LTC Partnership programs in other states.
Buying Long Term Care Insurance In New York
Long Term Care New York Partnership insurance policies are sold by several private long term care insurance companies. Long Term Care Insurance Agents representing NYSPLTC policies must maintain a special certificate of training as required by the State of New York. Here is a list of some long term care insurance companies offering policies 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.