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New York Long Term Care Insurance Information

As per a census done last July 2015, New York has 19,795,791 residents, wherein 15.0% are individuals 65 years and older. Similar to other states in the country, females outnumber male residents at a figure of 51.4%.

According to the America’s Health Rankings, New York has a high rate of individuals who are physically inactive. A significant disparity when it comes to health status by a person’s educational level was also observed. However, New York was recognized for lowering vice incidence – excessive drinking decreased from 18.9% to 16.5%; smoking decreased from 16.6% to 14.4%. Both decreased rates happened during the previous year. Also, both cardiovascular and cancer deaths have significantly decreased – 205.8 to 179.9 per 100,000 population for cancer deaths in a span of 20 years; 434.5 to 258.5 per 100,000 in a population for cardiovascular deaths in just a decade.

New York is ranked 42nd nationally by the Medicare 5 Star Quality rating program when it comes to providing nursing home care services. 326 certified nursing homes which contain 116,030 beds are available to cater to senior residents in the state

Average Cost of Long Term Care Services in New York

Costs (2016) for LTC services in New York are as follows:

Home Health Aide (Daily Rate): $144

Nursing Home Care (Daily Rate, Semi-Private Room): $361

Nursing Home Care (Daily Rate, Private Room): $373

Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $4,136

New York Long Term Care Partnership Program

New York is one of the four original states (the other three are California, Connecticut, and Indiana) selected for a long term care partnership program. The state will honor partnership from other DRA (Deficit Reduction Act) partnership states

What is a Long Term Care Partnership Program?

The partnership program is designed to encourage people to purchase long-term care insurance by providing a plan that will allow Medicaid to disregard some or all assets for Medicaid eligibility and estate recovery purposes. Through partnership plans, people will receive asset protection whenever policy benefits are exhausted and will need continued benefits through Medicaid.

Partnership qualified insurance policies allow their holders a much easier time of applying for Medicaid when their current policy benefits have run out. Instead of needing to reach below the asset threshold set by the federal health care program, policy owners can protect an amount of assets equal to their total benefits – allowing them to continue receiving care without the risk of losing their assets to Medicaid estate recovery procedures.

For insurance policies to be certified as Partnership policies in New York, the Deficit Reduction Act of 2005 has set a number of requirements that must be met:

  • Issue Date: The policy must be issued after the effective date of the Partnership Program in the state.
  • State of Residence: The policy holder must be a resident in New York at the time the coverage became effective.
  • Inflation Protection: All Partnership policies must include inflation protection. Policies issued to individuals under age 61 must provide compound annual inflation protection. Policies sold to individuals who have attained age 61 but not yet attained age 76 must include some level of inflation protection. Inflation protection may be offered, but is not required to individuals who have attained age 76.
  • Qualified under Federal Tax Law: All Partnership policies must adhere to the definition of a Long Term Care Insurance policy in section 7702B (b) of the Internal Revenue Code of 1986.

•          Consumer Protection: The policy must adhere to the requirements defined in section 1917(b)(1)(C)(iii)(III) of the Social Security Act (42 U.S.C. section 1396p(b)(1)(C)(iii)(III).

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