NY Average daily benefit purchased: $ 168 per day.

New York’s population is about 19,500,000.  This large number of people make New York one of the largest users of Long Term Care services such as care in Nursing Homes, Assisted Living Facilities, and Home Health Care.  The US Census data shows New York has around 2.6 million people 65 years and up and this high number of seniors will increase use and need Long Term Care putting stress on public and private finances.

This high number of people who need Long Term Care services is a growing problem for the Empire State as people are living longer.  The huge segment of New York’s population will continue to be a huge financial burden on the families involved and the State of New York in general.  In 2011 the total Long Term Care expenses in New York were 5.26 Billion.

Long Term Care Insurance is a key retirement planning tool and is used to help protect savings in the event a person needs Long Term Care services.   In New York there are multiple Long Term Care Insurance companies that offer this type of insurance and thanks to a good insurance commissioner there are at least 10 good companies to choose from.

The New York Long Term Care Partnership program’s roots go back to 1992 when they along with California, Connecticut and Indiana pioneered the program.  In summary, the New York Long Term Care Insurance Partnership program is a joint partnership between the state’s Medicaid program and the insurance company.  It was designed to give New Yorkers an incentive to buy a Long Term Care Insurance policy and in the event a person needs care for a long period of time (usually 5+ years) their assets would be protected.

Most Popular Long Term Care Companies in New York

  • 1) Mutual of Omaha
    2) Genworth
    3) Mass Mutual
    4) Genworth Privileged Choice Flex
    5) Transamerica
    6) Mass Mutual, Signature CareMM-500
    7) Mass Mutual, Signature Care MM-500
    8) Transamerica TransCare II 2012
    9) Mass Mutual, Signature Care MM-5002011
    10) Mutual of Omaha Mutual CarePlus
    11) Genworth NY Partnership
    12) Prudential LTC3 2011

Most Insured Cities in New York

  • 1) New York – last quote: $200/day
    2) Brooklyn – last quote: $200/day
    3) Schenectady – last quote: $150/day
    4) Ny – last quote: $150/day
    5) Poughkeepsie – last quote: $150/day
    6) Carle Place – last quote: $150/day
    7) White Plains – last quote: $150/day
    8) Bronx – last quote: $200/day
    9) Liverpool – last quote: $150/day
    10) Pleasantville – last quote: $200/day
    11) Syosset – last quote: $200/day
    12) Merrick – last quote: $200/day
    13) Kings Park – last quote: $250/day
    14) West Babylon – last quote: $200/day
    15) Staten Island – last quote: $150/day

More on New York

Attention, New Yorkers! Do you know about the  Long Term Care Insurance Partnership Program?

New Yorkers now have an even greater incentive to prepare for their retirement and purchase that all-important piece of the retirement portfolio puzzle, Long Term Care Insurance. The New York Long Term Care Partnership Program has launched a campaign to educate the public about the importance of Long Term Care Insurance to your future retirement plans.

The purpose of the New York Long Term Care Insurance Partnership program is to help residents of New York prepare financially for the possibility of needing Long Term Care services received in places such as nursing home care, home health care, and assisted living. This allows New York residents who own a Long Term Care Insurance policy to still protect their assets and still remain eligible for Medicaid if their care exceeds the period covered by their private Long Term Care Insurance policy.

New York was one of the four original pioneering Long Term Care Insurance Partnership States that created the program in 1992.  The goal is to encourage, and reward, those New Yorker residents who take personal responsibility for their future long-term care needs and purchase a Long Term Care Insurance policy.  But, many people still don�t know what long-term care is and why it is so important.

Long-term care services assist with the basic activities of daily living such as bathing, eating, toileting, getting in and out of bed and others when you become unable to perform these activities due to either disease such as Alzheimer�s or simply due to old age or frailty.  Many think that Medicare or their regular health insurance will cover these costs.  Unfortunately, this is not the case and many will be left having to pay out of pocket for these services until they�ve exhausted their assets and savings and can qualify for Medicaid.  This is a real tragedy as Long Term Care Insurance, insurance that covers the costs of these services, is available and affordable and can prevent this unnecessary tragedy from occurring.

Even a modest Long Term Care Insurance policy can mean the difference between utter financial degradation and living life on your own terms and being able to leave your legacy behind to your children.

The New York’s Long Term Care Insurance Partnership program offers so-called asset protection to prevent this tragedy from befalling you and your family.  If a New York State resident purchases a Long Term Care Insurance policy, they can shield some or all of their assets from being depleted should their Long Term Care Insurance plan run out.  If you are a New York resident and buy a qualifying LTC policy, then use the benefits according to the conditions of the program, you can apply for New York State Medicaid Extended Coverage which could help in paying for your ongoing Long Term Care Expenses.  Unlike with traditional Medicaid, the New York Long Term Care Insurance Partnership program allows you to protect some or all of your assets because you bought a NY LTC Partnership plan.  This means all that you have worked so hard to achieve and accumulate your whole life will not be in jeopardy, should you need long-term care services which, according to the Department of Health and Human Services, more than? of Americans will need after age 65.

Are you a New York State resident and want to take that smart step toward insuring your future retirement plans are sound and secure?  At LTC Tree, we�ve helped thousands of Americans do just that.  We can help you navigate the many choices in Long Term Care Insurance plans and help you ensure that you live out your retirement years on your terms and that you get the care you need when you need it and on your terms.  Simply fill out this form to get started and we will mail you the New York Long Term Care Insurance Partnership info for all the blue-chip companies.

New York Long Term Care Costs

The cost of long term care in New York will depend on the area where you live, and the type of care you need. Nursing home care tends to be more expensive than assisted living facilities and adult care centers. Learning about the costs of LTC in New York is important so you can leverage this when selecting an insurance policy or strategizing your protection plan for this likely expense.

Here’s a breakdown of NYC costs of long-term care based on 2018 estimates by Genworth Financial

State Median $146,274 $141,073 $19,500 $50,220 $57,200
Albany area $157,994 $150,205 $13,000 $60,600 $58,344
Binghamton $133,094 $130,192 $22,100 $63,240 $55,484
Glens falls $136,437 $132,539 $33,995 $31,200 $54,912
Kingstone $154,369 $150,081 $31,200 $49,200 $57,200
Buffalo Area $152,030 $135,415 $13,000 $46,740 $56,285
New York Area $155,125 $145,088 $23,400 $70,989 $57,200
Rochester $153,665 $146,000 $19,500 $52,755 $57,200
Syracuse $146,365 $141,620 $23,400 $50,220 $59,488
Utica Area $177,348 $114,986 $26,000 $31,500 $57,200
Watertown Area $140,525 $133,466 $13,000 $66,105 $53,196
Elmira $144,934 $140,189 $24,180 $68,514 $60,632
Ithaca $119,538 $114,975 $22,360 $60,000 $59,488
Rest Of State $118,625 $114,610 $22,750 $40,320 $58,344

New York Long Term Care Premium Costs

Long term care insurance pays for quality care in your own home, nursing home, or assisted living facility – if you need it. Given that the annual average cost of long-term care in New York is well over $146,000 (for a private room at a nursing facility), you see how important an LTC policy is for your peace of mind. When shopping for this important type of insurance, there are a few factors that will affect the cost of premiums.

  1. Your age – the younger you are, the less expensive premiums tend to be.
  2. Your health – your current health is the single most important factor when it comes to purchasing long term care insurance. Many policies will automatically disqualify you if you have been treated or sought advice for certain types of ailments within a period of 6 months.
  3. Daily benefits – there’s a direct relationship between the amount of daily benefits that you’re looking for, and the cost of premiums.
  4. Inflation protection – policies that have inflation protection selected tend to have higher premium rates.
  5. Benefit duration – for how long do you want your policy to cover long term care expenses? The longer the benefits period, the more expensive the premiums. Based on government estimates, the national average duration of stay at a nursing home is 2.4 years.
  6. Elimination period – this refers to the number of days/months you have to wait before benefits begin. The shorter the elimination period, the higher the premiums.
  7. Discounts available – married discounts, preferred health discounts, and other types of discounts can dramatically reduce the cost of your New York LTC premiums.

Sample premium calculations

NOTE: these sample calculations assume the applicant has elected daily maximum benefit amount of $300, a 3-year benefit duration, and a 90 day elimination period.

Age & Gender Sample Annual Premium Cost
Male, Age 50 $2,841
Female, Age 50 $3,416
Male, Age 55 $2,950
Female, Age 55 $3,571
Male, Age 60 $3,105
Female, Age 60 $4,444
Male, Age 65 $3,941
Female, Age 65 $5,881
Couple, Age 65 $3,340 (each)

When it comes to long term care insurance, there’s no ‘one size fits all’ policy. You have to wade through all the options available in the state of New York and find a plan that best fits your budget and situation. The best way to go about this is to speak to a qualified New York long term care insurance specialist who can help you make the right choice for your financial planning.

Protect your future

Purchasing long term care insurance puts you in control of your life because you can be sure you’ll receive quality long term care if and when you need. LTC Tree has helped thousands of New Yorkers navigate the many choices in long term care insurance plans and find one that best suits their needs and circumstances. Whether you’re looking to take charge of your own retirement future or protect your family from the insane costs of long-term care, our LTC specialists in New York are ready to help!