OUR SERVICESLong term care insurance (LTCI) helps to cover costs associated with long term care services such as:
- nursing homes
- assisted living and adult day facilities
- home care
This means that rather than paying out of pocket for the entire cost of the long-term care services, the insurance policy may pay for some or all of the cost, for the specified length of time of the policy you purchase.
For example, some policies may last for a certain number of years. Others last for as long as you continue to make payments. (Some insurance professionals suggest that policies of longer duration than five years may be unnecessary.)
People purchase LTCI as protection against having to use their savings in the event that they need long-term services. LTCI offers coverage for long term or chronic care services which are not covered by Medicare. Note: These services might be covered by Medicaid.
Insurance companies sell many different types of long term care insurance plans. Different plans have varying costs for the purchaser and cover varying amounts of services.
There are also annuity policies that pay a daily home care rate once need has been verified. This rate is paid whether or not the policy holder chooses to purchase all or any of the services covered under the daily rate.
Resources
- Guide to Long Term Care
- New York State Department of Health
- New York State Office for the Aging’s Health Insurance Information, Counseling and Assistance Program (HIICAP)
- New York State Partnership for Long Term Care
- Plan Ahead New York Program
- Long Term Care Insurance Helpline for NYC: (212) 676-0629