| As in most other states, long term care
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| | 1993 aimed at encouraging more people to
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| insurance can be a complicated and costly
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| | purchase long term care insurance. Under
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| undertaking. New York is one of the most
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| | the terms of the partnership, members may
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| expensive parts of the country anyway -
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| | qualify for Medicaid extended coverage,
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| in the state of New York, long term care
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| | if they have satisfied the duration
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| in a nursing home typically costs around
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| | requirements of the policy. This plan
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| $71,000 per year even more in New York
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| | also helps to protect the assets of
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| City.
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| | people applying under the program.
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| Long term care insurance is issued and
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| | There are certain other rules concerning
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| sold on both a group basis and for
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| | long term care policies in New York. All
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| individuals in the state of New York.
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| | policies are renewable by law as long as
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| Group policies are offered to members of
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| | the policy holder pays the premiums and
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| organizations or associations as well as
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| | regardless of poor health. And the amount
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| employees and may have their own unique
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| | of your premium cannot be increased
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| regulations.
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| | unless the increase is approved by the
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| There are basically four different types
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| | state insurance department.
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| of long term care insurance policies
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| | As in other parts of the country, tax
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| available in New York: long term care
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| | implications can be a big consideration
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| insurance; nursing and home care
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| | when purchasing long term care insurance.
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| insurance combined; nursing home
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| | The state passed a law in 1997 that
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| insurance only; and home care insurance
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| | offers tax advantages for premiums paid
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| only. Long term care insurance generally
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| | for certain qualifying policies. In 2004,
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| offers the widest range of options and
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| | additional legislation increased the tax
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| features.
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| | credit to 20% for long term care
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| New York also offers a partnership for
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| | insurance premiums.
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| long term care, an initiative devised in
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