New York Financial Planning Newsroom

Long Term Care Insurance Education And Awareness Program

Individuals can better prepare financially by investing in long-term care insurance to offset the cost of their future long-term care needs. To offer perspective, the latest data show that the average annual cost for nursing home care is approximately $90,000 for each resident. Based on this cost figure, the State is encouraging all New Yorkers with moderate household incomes of $50,000 or more to consider purchasing long-term care insurance as part of their financial planning.

It is important to note that other long-term care insurance policies sold in New York, with benefits different than the Partnership, may be available at lower cost. In addition, new Partnership dollar-for-dollar policies are offered at more affordable premiums than total asset protection policies.

New York State Office for the Aging Director Neal E. Lane said, "Long-term care insurance is a vital component of financial planning that all New Yorkers should consider. The Long-Term Care Insurance Resource Centers are there to help those who are interested in learning more about the benefits and their planning options."

State Health Commissioner Antonia C. Novello, M.D., M.P.H., Dr.P.H., said, "Investing for retirement and long-term care are two very different, but important decisions everyone must make. The earlier people start planning for their long-term care needs the better off they will be in the future. The best approach is to seek the insurance at a young age when one’s overall health is good." Read more at ny.us

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