Right for you?

Westchester County residents can take advantage of a free and unbiased consumer education program about long-term care insurance as a financial planning option for themselves or family members when they become frail and are in need of extended care.  This program is strictly educational; no insurance representatives are involved. 

The program is funded by the New York State Office for the Aging in cooperation with the New York State Partnership for Long-Term Care.  For more information and a free and unbiased consultation, call the Westchester Long-Term Care Insurance Education Resource Center at (914) 693-9386.

What is Long-Term Care?
The medical and non-medical support services needed by individuals who are unable to care for themselves because of prolonged illness or disability. Long-term care can range from personal care, such as bathing, to skilled care such as administering medications.  Long-term care can take place in a variety of settings, such as your home, an adult day care center, an assisted living facility or a nursing home.

What Does Long-Term Care Cost?
The average annual cost for nursing home care in New York State is $99,645 or $273 per day.  However, the average annual cost in Westchester County is approximately $108,770 per year or $298 per day.  Adult day care or assisted living facilities can cost over $100 per day.

What Can Long-Term Care Insurance Do?

• Protect your family from the catastrophic effects of long term care.
• Help you remain in control of your assets.
• Maintain your independence and not burden your spouse or children.
• Provide a legacy of your assets for your family.

When is Long-Term Care Insurance Right for You?

• If you have assets you wish to protect, not including your home, rather than spend them down to qualify for Medicaid.
• If your health is generally good, because long term care insurance is medically underwritten.
• Sufficient income to pay the long term care insurance premiums.

What do Long-Term Care Insurance Policies Cost?
The annual cost of long-term care insurance is determined by age as well as what benefits are selected for individual policies.  The annual average costs run approximately as follows:  

 These averages are based on 2005 minimum daily benefits of $180 per day for nursing home care and $90 for home care for a NY State Partnership policy.  The Partnership is described below.

Factors to Consider When Purchasing Long-Term Care Insurance
For a free, unbiased explanation of these factors, call the Long-Term Care Insurance Education Resource Center at (914) 693-9386.

• Daily benefit amount
• Elimination period
• Benefit trigger
• Length of benefit
• Inflation protection
• Premium waiver
• Non-forfeiture
• Tax qualification

What Types of Long-Term Care Insurance are Available?
There are two general types of long-term care insurance available in New York State.  One type is traditional long-term care insurance which is offered by a number of companies.  The other type is sold under the New York State Partnership for Long-Term Care.  Five companies participate in this program. For a list of the traditional or Partnership companies, call the Long-Term Care Insurance Education Resource Center (914) 693-9386.

What is the NY State Partnership for Long-Term Care?
The New York State Partnership for Long-Term Care is a unique program combining private long-term care insurance and Medicaid Extended Coverage. Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services. 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 private insurance policy.

What does this mean to you?
If you buy New York State Partnership for Long-Term Care insurance and use the benefits according to the conditions of the program, you can apply for New York State Medicaid Extended Coverage, which may assist in paying for your on-going care.  Unlike regular Medicaid, Medicaid Extended Coverage allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar asset protection plan or a Total Asset protection plan. However, Medicaid Extended Coverage does require that you contribute from your income to the cost of your care according to Medicaid income rules.

Who Can Help Me Understand Long-Term Care Insurance?
The direct number in Westchester County is (914) 693-9386 for Robert Miss, Westchester County Coordinator for the Long-Term Care Insurance Education and Outreach Program. He will provide more detailed information and will conduct one-on-one consultations. He will also speak at future consumer education meetings, dates to be announced.  Robert Miss is an educator, not an insurance representative.

Other sources of information:

For further information about long term care insurance, visit planaheadny, the National Clearinghouse for Long-Term Care Insurance and the New York State Insurance Department.

Local sponsors of this program are the Westchester County Department of Senior Programs & Services and the Westchester Public/Private Partnership for Aging Services, chaired by attorney Steven A. Schurkman.

Note:
New York State and Westchester County do not endorse any insurer or insurance product.