Buffalo Long-Term Care Insurance Information
Did you know… over 40% of people receiving long term care services are under the age of 65? This is one of the reasons why long term care insurance has become a frequently requested individual . Individual -based long term care insurance is an essential part of a comprehensive retirement plan
Home Health Aide: Average Hourly Rate:$18
Homemaker: Average Hourly Rate:$17
Assisted Living: Lowest Monthly Cost:$2,500
Assisted Living: Highest Monthly Cost:$4,700
Assisted Living: Average Monthly Cost:$4,700
Nursing Home: Semi-Private Daily:$365
Nursing Home: Private Average Daily:$370
Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
What is Long-Term Care Insurance?
Long-term care is provided to people who are unable to perform the basic tasks of everyday living on their own for an extended period due to chronic medical, physical or cognitive conditions, or disabling injuries. Long-Term Care Insurance covers long-term care services provided in a nursing home, at home, in an assisted living facility, or in other community-based settings. Medicare, Medicare supplemental insurance (Medigap), and traditional health and disability insurance plans typically do not cover long-term care services.
What is the Cost of Long-Term Care in New York State?
Today, the cost of staying in a nursing home in New York can be very expensive, often over $90,000 a year. Home care can be very expensive as well. Few people can afford this cost without using their life savings. Long-Term Care Insurance allows you to protect your assets in the event you need long-term care sometime in the future, just like you protect yourself with homeowner and auto insurance.
How Much Does Long-Term Care Insurance Cost?
The Long-Term Care Insurance premium depends on your purchase age and what you choose to cover – the younger you are, the lower the premium. New York State provides an income tax credit for qualified long term care insurance policies to help more people afford long-term care insurance coverage. The premiums charged for tax-qualified Long-Term Care Insurance Policies are treated as medical expenses under Federal tax law which may also qualify you for a more favorable outcome on your tax return. You should check with the insurance carrier to determine if your plan is tax-qualified and consult with an attorney, accountant or tax advisor regarding the tax implications of purchasing a tax-qualified policy.
Long – Term Care (LTC) Insurance:
- I am here to help you understand Long Term Care Insurance
- What are your concerns
- Help you understand what in a Long Term Care Insurance policy
- What coverages are correct for me
- How to protect your retirement
- Understand Long Term Health Care Choices
- Insurability & Family History
- Suitability
- Does this make sense to me
- Why work with a Long Term Care Specialist
- Developing the Best Long Term Care Plan for YOU
- Additional information is available from Robinson at les@lesltc.com , www.lesltc.com or 1-800-875-0140
- Les Robinson is a leading long-term care agent serving consumers and organizations in AR, IL, M, NJ, NY, OH, PA, SC, TX, VA, WA, with colleagues covering all other parts of the country.
- Call Les on Long Term Care Insurance 1-800-875-0140 or get a quote at www.lesltc.com
LESLTC offers free, comparative quotes on group long-term care insurance from multiple insurance carriers so you can get the best possible rate whatever your group size or benefit goals. [contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Website’ type=’url’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form] 