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What is long-term care?
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The kind of care
needed when a person is no longer able to manage
simple tasks like dressing,
bathing and walking without assistance.
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Experts estimate that at least 60% of all
individuals will need extended help in one or more of the areas
above during their lifetime.
What
can long-term care insurance do?
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- Protect
your family from the catastrophic costs of long-term care.
- Help
you remain in control of your assets.
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Maintain your own independence and not burden a spouse or
children.
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Aren’t long-term care services covered by Medicare or other health
insurance?
- Medicare does
NOT pay for most long-term care services. Medicare does not even pay
for custodial care when that is the only kind of care needed. Even
skilled nursing facility care is covered by Medicare only on a very
limited basis.
Who should purchase
long-term care insurance and why?
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Persons
40-60 years of age as they plan for retirement should consider
long-term care insurance while premiums are affordable.
Long-term care insurance or LTC is an essential tool to protect
assets in later years, to maintain dignity and independence, and
not rely on Medicaid with limited options and coverage.
Long-term care insurance is for people who are: |
- middle age and
older
- generally
healthy
- married with a
total income of at least $40K and assets, not including the home,
valued at $140,000 or more.
- single with a
total income of at least $30K and assets, not including the home, of
at least $60,000.
What options should you
look for in a basic policy?
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- Nursing
Home Care: These facilities provide care to people who
can not be cared for at home or in the community.
Nursing homes provide a wide range of personal care and
health services. The cost can vary depending on where
you live and what type of care you need.
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Home Health Care: To receive
help with personal activities (i.e. help with the laundrey, bathing,
dressing, cooking, and cleaning) at home from family members,
friends, or neighbors.
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Elimination Period: The elimination or waiting period is the number
of days you must receive long-term care services before benefits
will be paid under the policy. One hundred days is the standard
out-of-pocket expenses before LTC insurance kicks in. Shorter
periods increase the cost of coverage.
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Compounded
Inflation Protection: In an indemnity policy, the inflation
protection benefit increases the
daily benefit amount over time
to help keep pace with inflation and increased expenses. Without
this protection, the charges you pay above the daily benefit amount
are likely to increase considerably over time.
What is the average annual
cost of a long-term care policy?
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Age 40 - $1,029*
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Age 50 - $1,284*
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Age 60 - $1,968*
*Paid monthly, quarterly or
annually
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Who offers long-term care
insurance?
How do I choose?
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A list of insurance companies and
independent counselors are available from the New York State
Partnership for Long-Term Care Program to assist you in
selecting a plan that's right for you.
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Additional Resources:
Westchester County
Department of
Senior Programs & Services
(914) 813-6400
Monday through
Friday 8:30 a.m. – 4:30 p.m.
New York State Insurance
Department
http://www.ins.state.ny.us/
1-800-342-3736
Monday through
Friday 9 a.m. – 5 p.m.
New York State Partnership
for Long-Term Care Hotline
www.nyspltc.org
1-888-697-7582
(Sources: New
York State Insurance Department, New York State Partnership for
Long-Term Care Program, US Centers for Medicare/Medicaid Services)
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