Long-term care insurance is an insurance policy for people with chronic illnesses receiving services that are necessary for a long period of time. Covered services can be provided at home or at a health facility. Some examples of care paid for by this insurance can range from personal care, bathing, dressing, a personal toilet at home to nursing home care.
Long-term care insurance must be purchased before any health problems arise, as they may affect the ability to purchase an insurance policy. Keep in mind that the cost of this contribution increases with age. The older the buyer who purchased the policy for the first time, the higher the fee.
The financial planner or independent insurance agent will help you determine the best policy for you. The National Association of Insurance Commissioners offers a guide for long-term care insurance buyer that may be helpful. The manual can be obtained by calling 1-816-783-8300, or online at www.naic.org.
New York State has an innovative insurance program combining long-term care insurance and Medicaid. Further information on this program can be obtained from the NYC Partnership for Long-Term Care at www.nyspltc.health.ny.gov.
Federal employees and their spouses can count on insurance under the Federal Long-Term Care Insurance Program. Additional information can be obtained by calling: 1-800-582-3337 (1-800-843-3557 for people with hearing problems); or at www.ltcfeds.com.