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
• Hospice care
• 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
Please note:
- 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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