Regulations Concerning Long Term Care Insurance In New York

As in most other states, long term care insuranceencouraging more people to purchase long term
can be a complicated and costly undertaking. Newcare insurance. Under the terms of the
York is one of the most expensive parts of thepartnership, members may qualify for Medicaid
country anyway - in the state of New York, longextended coverage, if they have satisfied the
term care in a nursing home typically costsduration requirements of the policy. This plan also
around $71,000 per year even more in New Yorkhelps to protect the assets of people applying
City.under the program.
Long term care insurance is issued and sold onThere are certain other rules concerning long
both a group basis and for individuals in the stateterm care policies in New York. All policies are
of New York. Group policies are offered torenewable by law as long as the policy holder
members of organizations or associations as wellpays the premiums and regardless of poor health.
as employees and may have their own uniqueAnd the amount of your premium cannot be
regulations.increased unless the increase is approved by the
There are basically four different types of longstate insurance department.
term care insurance policies available in New York:As in other parts of the country, tax implications
long term care insurance; nursing and home carecan be a big consideration when purchasing long
insurance combined; nursing home insurance only;term care insurance. The state passed a law in
and home care insurance only. Long term care1997 that offers tax advantages for premiums
insurance generally offers the widest range ofpaid for certain qualifying policies. In 2004,
options and features.additional legislation increased the tax credit to
New York also offers a partnership for long term20% for long term care insurance premiums.
care, an initiative devised in 1993 aimed at