Full Text
10-08 WHAT IS LONG TERM CARE INSURANCE? Although most Americans have insurance to protect against the risk of extensive medical costs, most do not have insurance to protect against the potentially staggering cost of extended long term care. To fill this gap, a growing number of people are buying long term care insurance (LTCi) . What is it? A policy that covers long term care services provided in a nursing home, at home, in an assisted living facility, or in other community based settings. Such care is provided to people who are no longer able to perform the basic tasks of everyday living such as bathing, dressing, or eating for an extended period of time due to chronic medical, physical or cognitive conditions. How much does it cost? The premium depends on your purchase age and what you choose to cover – the younger you are the lower the premium. The premium is designed to remain stable through the future (although prices can increase under some circumstances). How is it purchased? - Most consumers purchase LTCi through a broker, agent or association. Federal and State employees/retirees, along with many others, may be eligible for a group policy through their employers. Can everyone get it? Policies are medically underwritten, meaning your health status could affect your ability to obtain coverage. Candidates for the insurance usually have substantial assets to preserve and the cost of premiums would not exceed 7% of their income. What is available in New York State? There are two general types of long term care insurance in New York State: insurance sold under the New York State Partnership for Long Term Care and traditional non-Partnership insurance. What is The New York State Partnership for Long Term Care? The Partnership is a unique program combining private long term care insurance and Medicaid Extended Coverage. The program allows New Yorkers to protect some or all of their assets (depending on the insurance plan purchased) if their long term care needs extend beyond the period covered by their insurance policy. The Cayuga County Office for the Aging offers information about Long Term Care Planning and Insurance through regular seminars, one on one consultations and a knowledgeable speaker for your group. To learn more, call Brenda Wiemann at 253-1017. Cayuga County Office for the Aging Long Term Care Insurance Education and Outreach Program 149 Genesee St, Boyle Center Auburn, NY 13021 [PHONE REDACTED] ---PAGE BREAK--- 10-08 New York State does not endorse or recommend any specific insurance product or insurer; this program is solely intended to educate consumers about their choices.