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Long Term Care Insurance New York

Long Term Care Insurance in Syracuse, NY

Also Servicing Utica, Rome, Cortland, Auburn, Fulton, Oswego, and Surrounding Areas

"1 out of 2 women, and 1 out of 3 men, age 65 and older, will spend time in a nursing home before they die!"
NY State Partnership Certification Training – 2004

In 2012, the median annual rate for a private nursing home room was $81,030.

What is Long Term Care?

Long Term Care provides for the day-in, day-out assistance you need when a serious illness or disability renders you unable, physically or cognitively, to care for yourself for a lengthy period of time. Long term care can be provided at home or at a nursing facility, assisted living or alternate care facilities.

Historically, the increase in rate per year represents a 4.28 percent compound annual growth rate.

Costs of Long Term Care in New York?

The average cost of nursing home care in New York State (except metro NY area) is about $230 per day. The average stay is 2 1/2 years. 1 in 5 requires care for 5 years or longer. (US Department of Health and Human Services : Planning for LTC)

Assisted Living costs are about 1/2 of nursing home costs.

What about Medicare and Medicaid?

Many people believe that Medicare will pay for long stays in a nursing home, but it doesn't. The Federal Medicare program and private “Medigap” (Medicare supplemental) insurance only cover short times of home health or nursing home care. They pay for a short stay in a nursing home for someone who is getting better after leaving the hospital, but still needs nursing care and therapy.** After the first 20 days of care, Medicare requires a copayment and will only cover 100 days total. The intricacies of Medicaid eligibility vary greatly across the nation. Medicaid may pay for some long term care needs if you fit income eligibility requirements.

** National Institute on Aging, U. S. Department of Health and Human Services: Planning for LTC 2012

What about home health care insurance?

The cost of home care may be greater than the cost of nursing home care if you require around-the-clock services. The question you need to answer: Do you have a support system such as your family to help you? Home health care insurance pays for intermittent services, usually provided at 8 hour intervals, if the primary care-giver, usually a spouse or child, can provide care for the other 16 hours.

Let us help you maintain your independence, control your choices, and never be a burden.

And did you know that your business can pay and deduct the premium with no income pass through to you?

Contact Fiscal Fitness and Let Us Show You How!