New York Long Term Care Insurance
This page covers important long-term care information for residents of New York, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Medicaid and the New York State Partnership for Long-Term Care.
Paying for Long-Term Care
Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in New York.
Average Costs for Common Long-Term Care Services in New York:
- Nursing Home (private room): $385 (Daily)
- Nursing Home (semi-private room): $364 (Daily)
- Assisted Living Facility (private room): $3,988 (Monthly)
- Home Health Aide (X hours/week): $19 (Hourly)
The Costs of Long-Term Care Insurance
The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.
- Average Yearly Premium for an LTC Insurance Policy in New York: $
- Average Daily LTC Benefit Purchased in New York: $168 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. New York was one of the states that pioneered the idea of such programs back in the early 1990s. The New York State Partnership for Long-Term Care was first established in 1993 and requires participating policies to meet certain federal and state standards. These policies also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.
Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is a good idea to shop around and look at non-partnership policies in addition to those that qualify under the program so you can be sure that you have chosen the best policy for your needs and budget.
The New York State Partnership for Long-Term Care also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to New York, your assets will remain protected. The same will be true if you purchase a partnership policy in New York and then move to a different state that also offers reciprocity.
If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services. Because Medicaid is designed for low-income individuals, certain financial requirements must be met in order to qualify.
New York’s Medicaid program offers three main LTC plans: Managed Medicaid Long-Term Care, Medicaid Advantage Plus, and the Medicare Program for All-Inclusive Care for the Elderly (PACE). Participants in all three plans have access to certified nursing homes, adult day health care, home-delivered meals, in-home care, certain home modifications, personal care assistance, certain types of therapies, specialized medical equipment, housekeeping, and assistance with chores and daily activities such as bathing, getting dressed, and preparing meals. On top of this, the Medicaid Advantage plan and PACE are joint Medicaid/Medicare plans and thus provide coverage for medical services such as doctor’s appointments and hospitalization in addition to the usual long-term care services.
Individuals who are Medicaid-eligible but are exempt from receiving the Managed Medicaid LTC Plan can receive in-home assistance such as meal preparation, housekeeping, and help with daily tasks through the Personal Care Services Program (PCSP). The Consumer Directed Personal Assistance Program (CDPAP) offers many of the same benefits and also allows you to choose who is providing your care. Both of these programs must be prescribed by a doctor and require an in-person evaluation from a nurse. There is also the Long-Term Home Health Care Program (LTHHCP), which is coordinated by nurses and provides services such as home-delivered meals, home modifications, and various kinds of medical care and therapy. Last but not least, there is an Assisted Living Program which can help to cover the costs of receiving care in such a facility.
Companies Offering Long-Term Care Insurance in New York
New York residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Mutual of Omaha, Genworth, MassMutual, and TransAmerica. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.
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