What is Long-Term Care Insurance? - New Hampshire
The purpose of this communication is the solicitation of insurance. Contact will be made by an insurance agent or insurance company.
Long-term care insurance was developed to help offset the potentially high cost of long-term care services, something many of us may experience. Long-term care can be very expensive. Costs can quickly diminish the best-laid retirement and financial plans.
Like life insurance or an annuity, long-term care insurance plays an important role in your overall financial plan. Long-term care insurance can act as a shield that helps protect assets and provide benefit dollars that may be used during a time of long-term care need.
Our 2014 cost of care study1 showed that the average annual cost for a private room in a nursing home in the United States was over $95,000. The average hourly rate for a home health care provider was $22.00 per hour. By purchasing long-term care insurance, you are transferring the risk of these potential costs to an insurer and acting to help protect your assets and your retirement plan.
Long-term care insurance also helps protect your family by helping to relieve them from acting as the primary caregiver. With long-term care insurance in place, your family can focus on spending quality time with you, knowing that your long-term care insurance is helping to cover the cost of care that you may need.
Long-Term Care Insurance from New York Life Insurance Company (New York Life) provides policyholders with reimbursement dollars that can be used to help pay for qualified long-term care services. Our policy provides coverage for a wide range of long-term care, from home and community-based care, to assisted living and nursing home coverage.
Our unique and flexible benefit options
Our LTCSelect Premier benefit options are very flexible and can be tailored to fit a client’s needs. We also offer a variety of optional riders, for an additional premium, that give our policyholders even more flexibility in how they want to tailor their coverage. Options like our return of premium upon death rider, our patented Consumer Price Indexed – Urban (CPI-U) inflation protection rider, and our bundle of additional benefit options for couples, provide a menu of choices that allow for construction of a policy that fits your specific needs.
Professional advice from caring agents
New York Life agents complete rigorous training before they can sell long-term care insurance from New York Life. They must complete state-specific training (in most states) and they continue their training via required annual continuing education coursework. As a result, they are very adept at helping clients understand long-term care issues while developing sound approaches for their existing financial plans and overall retirement strategy.
Our agents understand that long-term care planning can have a significant impact on their clients’, and their families’, long-term financial and emotional well-being. That’s why they approach each long-term care planning discussion with care and respect.
By purchasing long-term care insurance, you are taking a proactive approach to addressing a potentially high-cost and personally stressful period that many of us may eventually face. By transferring some of the risk of paying for long-term care to a trusted insurer like New York Life, you will have options should you need long-term care. It’s like adding an extra layer of protection to your overall financial plan.
12014 New York Life Cost of Care Survey.
The purpose of this material is solicitation of insurance. An insurance agent may contact you. Long-term care insurance is issued on policy form series ILTC-5000 and INH-5000 with a state identifier, where applicable and edition date. These policies may have exclusions and limitations.