Frequently Asked Questions
When is the best age to buy Long-Term Care Insurance?
As soon as possible because there is no advantage in waiting. You become a higher
risk as you age. This will result in higher premiums or ineligibility. Even with no health changes, premiums are based on age.
How much does Long-Term Care Insurance cost?
There is no one answer to that, but keep in mind that the amount paid in premiums will always end up being a fraction of the cost
of care.
There are wide ranges in premiums and coverage, we wil customize a plan to your budget and long term care needs.
What is the statistical average time someone would need long-term care?
3.2 years is the average need for long-term care. Although, Alzheimer's patients typically need it for 5-7 years. These are just
averages and can vary greatly.
70% of individuals over age 65 will require some type of long term care in their lifetime.
What are the approximate annual costs of long-term care now?
| New York Metro LTC Costs: | |||
| Daily | Monthly | Annual | |
| Home Care* | $153 | $4,560 | $54,720 |
| Assisted Living Facility | $266 | $7,980 | $95,760 |
| Nursing Home Care | $332 | $9,960 | $119,520 |
| National LTC costs: | |||
| Daily | Monthly | Annual | |
| Home Care* | $144 | $4,320 | $51.840 |
| Assisted Living Facility | $100 | $3,008 | $36,096 |
| Nursing Home Care | $187 | $5,610 | $67,320 |
Will my premiums stay the same?
New York State and many other states have strict rules for rate increase. An issuer can only raise rates for all policyholders in a class.
What about other states?
Other states may offer lower initial premiums, but be careful as they are often associated with frequent rate increases due to less stringent insurance regulations.
Why should I choose a strongly rated and financially secure insurance company?
Since you are buying a policy for use 20 to 30 years in the future, you need to consider those that receive high financial marks from insurance-rating agencies. A strong company will have high ratings (A and above), at least 10 years experience, specifically in the long term-care business, and no history of rate increases. Also, be careful of overly lenient underwriting which will lead to rate increases in the future. We represent the leading rated carriers.
What are State Partnership Plans?
Partnership Plans are a combination of Long-Term Care Insurance and Medicaid. It is a viable option for some since it protects all of your assets in Total Asset Plan (NY only) or a portion of your assets up to the amount of premiums that have been paid in Dollar for Dollar plans. There are income restrictions that must be met in both cases once you apply for Medicaid Extended Coverage. We are certified to sell LTC Partnership plans in NY, NJ, CT and FL.
How has Long-Term Care Insurance become more consumer friendly?
LTC Insurance is more regulated and insurance friendly product today. Policies are more flexible and allow you to receive care in virtually any setting.
In addition, other changes include: no hospital stay or skilled care required before LTC triggers; cognitive impairment like Alzheimer's is covered; all policies are guaranteed renewable (cannot be cancelled at anytime); policy triggers are clearly spelled out so there is no ambiguity about getting paid; there are national insurance guidelines and upfront underwriting so there is no post-claims ambiguity.