Long-Term Care Insurance
Long-term care insurance policies can help someone with a chronic illness pay for care services for an extended period of time. The covered benefits can vary greatly between policies. Depending on the policy, covered services may be provided in the home or in an institutional setting. Some examples of care that might be covered long long-term care insurance include personal care like bathing, dressing, or grooming while still at home. or coverage could be limited to only nursing home care.
Like life insurance, long-term care insurance requires the applicant to be healthy, and the cost of the premium increases with age.The older the first-time purchaser is, the higher the premium will be.
You should get a financial planning advisor or independent insurance broker to help you select the right policy that best meets your needs. The National Association of Insurance Commissioners offers a "Shopper's Guide to Long-Term Care Insurance," which can be helpful. You may request the Guide by calling 1-816-783-8300 or visiting online at www.naic.org.
New York State encourages the purchase of long-term care isurance though the New York State Partnership for Long-Term Care. This program allows long-term care insurance policyholders to keep more assets while stil qualifying for Medicaid For more information on this program, visit the New York State Partnership for Long-Term Care at www.nyspltc.org.
Sometimes overlooked, federal employees and their spouses should consider coverage through the Federal Long-Term Care Insurance Program. For more information, call 1-800-582-3337 (1-800- 843-3557 for TDD/hearing-impaired) or visit www.ltcfeds.com.
Many states have a State Health Insurance Program (SHIP or SHIIP). For a complete listing of SHIP programs, you can visit SHIP.org.