For responsible people in New York long term care insurance is the only weapon that one needs to be able to brave the cost of care. One has to secure it fast before the need for care arises because failure to do so will put him in the middle of the state’s Medicaid issue. New York’s Medicaid program is being restructured as it has exceeded its budget for long term care (LTC) coverage. Individuals who are depending on Medicaid for their LTC expenses don’t receive any cash benefits because Medicaid pays the care provider directly. Apart from not receiving cash, depending on Medicaid simply means that you accept whatever assistance that it is capable of providing you. Medicaid allots a certain dollar amount, which is very small, for every New York resident whose LTC is dependent upon the funds of the said federal and state health program. So if you think you need constant monitoring in a nursing home but Medicaid cannot afford it, you have to make do with home care or assisted living. With a long term care insurance (LTCI) policy, you’ll get the exact opposite of Medicaid’s limited offerings. People who have purchased comprehensive LCTI policies in New York will be able to receive care in their preferred LTC setting when the time comes that they qualify for LTC. Residents of New York are aware that the cost of care here is higher than what is offered nationally. This explains why New York is among the states with the highest number of insured residents. However, statistics show that there is also a big population of uninsured New Yorkers who are at risk of facing the state’s prohibitive LTC costs. Nursing homes in New York have a median annual rate of $119,355 while nationally it’s $77,745. Should the projection of financial planners and LTCI experts materialize in 2030, the last batch of baby boomers who are expecting to receive care 30 years from now should have more than a million in their nest egg apart from other countable assets. New York Long Term Care Insurance New Yorkers who have started requesting quotes from insurance firms in New York that are marketing LTCI are on the right track. Now individuals who seriously want to invest their money into a policy but are scared of the premium that they have to pay yearly can look into New York’s partnership program. New York happens to be one of four states which implemented the partnership program that was created to encourage New Yorkers to plan their future healthcare needs. By purchasing an LTCI policy that complies with the partnership program, the insured can receive quality care and protect his assets should he apply for Medicaid assistance after having exhausted his insurance benefits. Under regular circumstances, a state’s Medicaid program will require an individual to spend down his assets up to a certain dollar amount in compliance with the guidelines of the U.S. Centers for Medicare & Medicaid Services before he can receive LTC coverage. With a New York long term care insurance which satisfies the partnership program, you can just forget the law as you are entitled to benefits. Call your LTCI representative to inquire about New York’s partnership policies.
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