Long Term Care Coverage

Today, one of the biggest threats to your retirement security is the high cost of long term care—the care you would require if you needed help with basic activities of daily living, such as dressing, eating, getting in and out of bed, and toileting. Since nearly half of all people over age 65 will spend some time in a nursing home, it’s a financial risk you can’t afford to ignore.

The cost of long term care services is staggering. A year in a nursing home in upstate New York averages $65,000; $80,000 in Metropolitan New York. Most of us think Medicare or Medicare Supplement policies will cover long term care costs. But the facts say otherwise:

• Medicare covers only a limited number of days in a Medicare-approved skilled nursing facility.

• Medicare covers home care on a limited basis.

• Medicare Supplement policies do not cover most long term care costs. They cover co-payments for services covered by Medicare.

In general, Medicaid, or welfare assistance, will cover long term care but only after you have spent most of your personal resources including income and assets. However, our New York Partnership Policy’s Medicaid Extended Coverage allows you to protect an unlimited amount of assets and still be eligible for New York Medicaid. The policy is designed to:

• Protect your retirement income and assets—avoid spending them on long term care expenses.
• Protect your freedom of choice—care at home or other settings you choose.
• Protect your independence—avoid depending on your family for care.

This is one of the most flexible long term care insurance policies available today. It covers a wide range of benefits:

• Home Health Care
• Nursing Home Care
• Adult Day Care
• Assisted Living Facility Care
• Respite Care
• Care Coordination Services
• Hospice Care
• Inflation Protection

And you can tailor the Independent Care policy to best fit your needs

• Benefit Periods – 3-Year, 5-Year or Unlimited
• Daily Benefit Amounts - $100 to $250 (in $10 increments)
• Nonforfeiture Option

Use our Benefits Request form to ask us how you can protect what matters most.

Additional Benefits: Life Insurance | Disability | Long Term Care
Social Security Information: Retirement | Disability | Survivor | Medicare