Get New York long-term care insurance quotes, cost & coverage fast. NY LTC insurance helps pay for care for people with chronic illnesses, disabilities or other conditions need on daily, and over time.
NY LTC Insurance
Long-term care may be necessary at any age. An older adult may gradually find that day-to-day activities are becoming increasingly difficult without assistance. Someone younger may have a stroke, a heart attack, or a disabling accident.
Since health insurance and Medicare are not primarily designed to encompass long-term care services, LTC coverage provides a way for you to pay for these services. This guide offers a general introduction to New York long-term care insurance and the essential information you need to know about this type of insurance protection.
Most long-term care isn't medical care, but help with basic personal tasks of daily life. Some services offer assistance with daily activities for individuals with chronic illnesses or cognitive impairments. Others follow a period of rehabilitation for individuals who continue to require aid to perform day-to-day operations.
Many people often think that LTC refers to services offered at nursing homes. However, it encompasses more than that. Most LTC is delivered at home by friends and family (informal care). Some individuals may require more attention than families can provide, and additional resources may be necessary (formal care).
Formal care may be provided by NY LTC service providers in various locations according to the needs of the individual. New York long-term care insurance can help cover the cost of these services and more.
New York Long-Term Care Policy Types
There are several kinds of New York long-term care insurance policies available. Most are referred to as expense incurred or indemnity policies. An indemnity policy or 'per diem' policy pays up to a fixed benefit amount. It does not matter what you spend. In an expense-incurred plan, you select the benefit total as you purchase the policy, and you are reimbursed for the expenses for LTC services. You are afforded a specified dollar amount per month, week or day.
Many insurance companies also sell integrated policies. These are also referred to as insurance plans with pooled benefits. This kind of policy offers a sum dollar amount that can be used for various types of LTC services. There is often a monthly, weekly or daily limit for the covered expenses in the New York long-term care insurance policy.
It is worth noting that there are not NY long-term care insurance policies that guarantee full coverage of all expenses. Typically, you will have a choice of daily benefit sums ranging from $50 to over $300 a day for formal care coverage. The daily benefit for informal care will often be less than the benefit for formal care. It is crucial to note that you are liable for your actual home care or nursing home costs that go beyond the daily benefit sum you bought.
Since the per-day benefits you purchase today probably will be insufficient to cover increased costs years from now, the majority of long-term care insurance policies provide adjustments for inflation. For instance, in many plans, the initial benefit amount will increase automatically every year at a specific rate compounded over the policy's life.
What Does New York Long-Term Care Insurance Cover?
LTC services are offered when an individual is unable to complete specific activities of daily living (ADL). It is also the case when they are cognitively impaired due to Alzheimer's disease or senile dementia. The most common ADLs that determine service needs are bathing, dressing, toileting, transferring (getting from a seat to the bed), eating and continence.
NY long-term care insurance policies cover custodial, intermediate and skilled care in nursing homes that have been licensed by the state. The plans often also include home care such as non-skilled or skilled nursing care, home health assistance and physical therapy. Most policies also include assisted living, alternate care, adult daycare and respite care.
Following is a list of some of the most common coverages available:
Nursing Home: A facility that provides skilled health care, rehab, personal care and daily activities around the clock.
Assisted Living: An apartment style residence that makes personal care and other helpful services available when needed.
Adult Day Care: An outside the home service that provides health, social and support services in a supervised setting.
Home Care: An agency or person who comes to the home who performs services likes bathing and helps with chores.
Home Modification: Handicap ramps, grab bars, easier to enter baths to make your home more accessible.
Care Coordination: Services provided by a licensed professional who helps with determining needs, locating services and arranging for care.
What New York Long-Term Care Insurance Doesn't Cover
Long-Term Care insurance typically does not cover illness, treatment or medical condition arising out of:
- Participation in a felony, riot or insurrection
- Attempted suicide, while sane or insane
- Injuries intentionally inflicted on self
- Treatment or care for alcoholism or any drug addiction
- Care or treatment provided in a government facility unless otherwise required by law.
- Care you receive while in a hospital, except in a unit specifically designated as a nursing home or hospice facility.
- Any service to the extent the expense for it is reimbursable under Medicare or would be so reimbursable except for the application of a deductible, coinsurance or co-payment amount.
- Services or supplies for which you are not obligated to pay in the absence of insurance.
- Services provided by any person who normally lived in your home at the time you became eligible for benefits.
How Much Does New York Long-Term Care Insurance Cost?
How much does New York long-term care insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the coverages and deductible selected.
Before buying a NY LTC insurance policy, remember that all insurance plans are considered legal contracts. Ensure that you read and review the plans under consideration before purchasing. You should understand all the provisions before making a decision. It is advisable to discuss the policies with individual who can offer a professional opinion such as a financial advisor or your physician.
NY LTC Insurance Quotes
Request a New York Long-Term Care quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.
New York Insurance Rules & Regulations
In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.
NY Commercial Insurance
The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.
In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.
New York Personal Insurance
Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with $25,000 for bodily injury to one person and $50,000 total for a single accident. In addition, motorists must carry $10,000 for property damage as well.
There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.
If you are looking for state specific Long-Term Care insurance quotes, costs and information: California Long-Term Care Insurance, Colorado Long-Term Care Insurance, Delaware Long-Term Care Insurance, Florida Long-Term Care Insurance, Illinois Long-Term Care Insurance, Kentucky Long-Term Care Insurance, New Jersey Long-Term Care Insurance, New York Long-Term Care Insurance, Oregon Long-Term Care Insurance, Pennsylvania Long-Term Care Insurance, Texas Long-Term Care Insurance, Washington Long-Term Care Insurance.