What Policies Cost
When purchasing a Partnership policy, it is important to remember that policy cost will fluctuate between individuals. The cost of a policy often depends on factors such as purchase age of the individual(s), health status at the time of application, and the insurance company selected. For pricing information, individuals interested in purchasing a Partnership policy should contact the participating insurance company or agent.
Each core policy includes:
Care management services
14 days of respite care per year
Nursing home bed reservation, 20 days per year
60 day grace period to ensure the premium is paid if you have designated someone to be notified when you fail to pay your premium on time
Coverage of alternate level of care status in a hospital while awaiting nursing home placement or at-home services
Review of denied benefit authorization requests
Level premiums (individual policy premiums cannot be raised, but premium rates on a class basis may be raised with the approval of the New York State Department of Financial Services when the solvency of the class of policies is in question)
Portability—coverage under the private insurance can be used outside New York State
- The premiums in the table are averages. Premiums can be lower or higher depending on a number of factors including exact age, health status and insurance company. Please shop wisely.
- The premiums in the table are for core policies. That is, they are based on policies that match the minimum standards set by the Partnership. For example, the minimum daily nursing home benefit is $315 in 2018. However, the benefit can be increased to provide a level of coverage that will cover the cost of care for a specific region.
- Medicaid Extended Coverage does not add to the cost of policies; it is a state-added benefit.
- 20% New York State tax credit: The State will support New Yorkers' efforts to plan for the future by paying 1/5 of the bill for their long-term care insurance premiums. This credit is available to anyone paying long-term care insurance premiums, including children who pay for coverage on behalf of their parents when they file a New York State income tax return.
- Federal Tax Deduction: The premiums charged for tax-qualified policies are treated as medical expenses for purposes of itemized deductions up to certain dollar limits that are indexed annually.
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