New York Long Term Care Insurance

Written by Norene Anderson
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With the average annual cost of nursing home care in New York in excess of $70,000, it is imperative that you have some type of New York long term care insurance. The state requires a long term care policy to pay for a minimum of two years in a nursing home. The average stay is generally in excess of two years.

No long term care policy is going to pay for every expense related to assisted living needs. There are deductibles and incidentals that are not reimbursed to the policyholder. These expenses can, however, be included in the medical expenses on your tax return. To make sure you are getting the full and correct benefit, consult a tax attorney or accountant for assistance.

New York Long Term Care Insurance Protection

Medicaid is the coverage of last resort. When the assets for an individual are less the $3,550, or whatever it is for the current year (criteria change annually), then Medicaid will assist in long term care costs. New York law protects the income and assets of the spouse up to a designated amount in order to keep the spouse from becoming impoverished.

The value of a long term care policy cannot be emphasized enough. In order to have the kind of care you desire in a facility of your choosing, start thinking today about what you can do to invest in this security. You can get online quotes in just a short time to initiate the process.


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