Why You Should Consider a Policy
You should consider a policy:
- To stay in control of your own assets (resources).
- To increase your chance of getting the long-term care of your choice -- whether in a nursing home, or in your home -- when you need it.
- To establish lifetime care and give yourself and your family peace of mind.
More than 2 out of 5 Americans aged 65 will need nursing home care at some point in their remaining lifetimes. Think about it.
New York State Nursing Home Costs
You can receive formal paid long-term care either at home, or in a nursing home or in an assisted living facility. The cost of long-term care depends not only on what kind of care and how much you need, but also where you stay to receive long-term care services.
You may often hear that the average annual nursing home cost is around $52,000. This figure represents the national average cost. In general, New Yorkers face much higher nursing home costs. In 2005, the average daily & annual charges for nursing homes were:
| Statewide | NY City Metro Area* | Upstate | |
|---|---|---|---|
| Daily | $276 | $332 | $254 |
| Annual | $100,781 | $121,146 | $92,635 |
* Includes NY City counties, Nassau, Suffolk, & Westchester
Note: The estimates were based on the year 2005 New York State nursing home cost report.
Regional estimates of nursing home rates are also available.
Based on data on New York State nursing home rates from 1992 to 1996, the average annual rate of increase in the New York City metropolitan area was 5.6%, whereas the rest of the state experienced an average rate of increase of 5.4%.
Who the Partnership is for
Partnership for Long-Term Care insurance allows you to choose the care setting that meets your care needs, while avoiding financial hardship.
A Partnership policy is ideal for someone who will not be able to afford the high cost of long-term care but who can afford the reasonable cost of long-term care insurance.
The purpose of the Partnership is to protect personal resources by insuring yourself against the future catastrophic cost of long-term care. Therefore, if you have accumulated some wealth by saving, investment, or growth of value, you may be the best candidate for Partnership insurance.
Remember you must continue to pay the premiums and may also be responsible for certain out-of-pocket expenses beyond your policy coverage.
Purchase of Partnership insurance is dependent on your ability to pass the medical underwriting requirements of the insurer. In the event of rejection, it may be worth your while to check with another insurer, since underwriting standards do vary. If a group offering of Partnership insurance is available to you, there may be an opportunity to purchase a policy with a reduced requirement for medical underwriting. The best means of avoiding medical underwriting problems is to purchase this insurance at a young age when overall health is good.
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