What about the cost?
For long-term care insurance, the premium depends on your purchase age and the benefits and policy features you choose. The younger you are when you purchase long-term care insurance, the lower the premium.
Today, the cost of staying in a nursing home in New York can be very expensive, often over $90,000 a year. Few people can afford this cost without using all 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 your home through homeowner insurance or yourself through car insurance.
Long-Term Care Insurance Premiums
The cost of any long-term care insurance premium will be based on age, coverage, and type of asset protection selected. For example, a Partnership policy (3/6/50 policy) with total asset protection and a 2014 minimum daily benefit of $274 for nursing home care and $137 for home care per day and 5% compound inflation would have an average annual premium of approximately $4,372 for a person 50 years of age. The Partnership premium for the same plan would increase with a person's age. In comparison, the annual Partnership premium for a person 65 years of age would be $6,209. These premium rates are for a policy that covers a minimum duration of three years of nursing home care or six years of home care.
Estimate the Cost of Your Long-Term Care
The New York State Department of Financial Services provides an on line tool to estimate your Long-Term Care premiums.