Please note that this information is for our Flex-Plan Advantage product, available in New York. Our Premier Single-Premium is not available to residents in the state of New York. Return to our HOME page, to learn more about the Flex-Plan Advantage program.

Long term care insurance in New York is more crucial than ever, since 70% of us will eventually need it, the costs are much more than most of us realize, and it is not covered by Medicare. The average cost of long-term care in New York State varies by region, but you will agree that it is very expensive. Below are costs published by the New York Department of Financial Services. This will open your eyes as to how much coverage may be needed. Keep in mind, these costs are shown in 2011 dollars and have presumably escalated since then.

Nursing home costs in the State of New York:

  • Central NY – $96,360/year, $264/day
  • Rochester area – $112,420/year; $308/day
  • Northern Metropolitan area – $124,100/year; $340/day
  • Long Island – $142,350/year; $390/day

Another interesting fact from the New York State DFS is, they estimate that the average stay in a New York nursing home is less than 2-1/2 years. Keep in mind, that is the average; your stay may be shorter or longer. Again, these costs above and below are for 2011, so they are now higher and keep rising.

Home Healthcare Costs in the State of New York:

  • $20/hour
  • Assuming 20 hours of care per week – $21,000/year

How Hybrid Long-term Care LTC Insurance in New York Can Help

As the name implies, the new hybrid long-term care insurance is a cross between a life insurance policy and a long-term care policy. The primary benefit being that hybrid plans provide your family with a tax-free death benefit, if you never require long-term care. Traditional LTC plans are a “use it or lose it” proposition. A second advantage in calling Capital Retention, is the Cash Option Benefit. This allows you to elect to receive a portion of your maximum daily benefit in cash. While the cash option is available for any long-term care costs you incur, many clients use it to pay family members or dear friends that provide care in your home. This allows you to stay at home longer and is not subject to the usual 90-day elimination period.

Best Long-Term Care Insurance Companies in New York

Capital Retention partners with the most innovative, nationally-known insurers, with an A.M. Best A+ ratings. Our primary partner has some of the best long-term care insurance rates in New York. They are a brand name you know, and have paid out over $889 million in long-term care benefits, since 1987. Capital Retention is very excited to hear your needs for elder care insurance in New York. We will explain all the policy options, and help you sort through optional add-on riders. During the process, you will learn how each of these factors effects your premium, so you end up with the policy that best fits your needs and at a cost you feel comfortable with.

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