Core Policy Benefits
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
- Medicaid Extended Coverage does not add to the cost of policies; it is a state-added benefit.
- 20% New York State Tax Credit for Long-Term Care Insurance Premiums
- How much is the credit? The allowable credit is 20% of the premiums paid during the tax year for purchase of, or for continuing coverage under a qualifying long-term care insurance policy. As of 2020, the credit amount cannot exceed $1,500.
- Who is eligible? 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. Note: Individual taxpayers may claim the credit if the taxpayer's New York adjusted gross income is less than $250,000. This amount remains the same for married couples filing a joint 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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