The importance of planning
There’s a good chance many of us will have 80 or 90 candles on our birthday cakes. With the possibility of living a long life comes an increased likelihood of needing assistance or what is commonly referred to as LTC or long-term care.
- Your chances of needing care are higher than you may realize. According to the U.S. Department of Health and Human Services, nearly 70% of people 65 and older will eventually need some form of long-term care.
- Cancer is the leading cause of claim below age 65.
- Alzheimer’s disease is the leading cause of a claim after age 65.1
- You probably don’t have coverage. Many people mistakenly think they have long-term care coverage but neither private health insurance nor long-term disability insurance addresses this type of assistance. Moreover, the future of new government-run programs is uncertain.
- Affordable long-term care plans are available. Everyone’s needs are different and there are different approaches to long-term care planning. A little coverage can go a long way and you can use a combination of planning methods to achieve your goal.
- Long-term care services may be provided in your own home. The majority of people who need long-term care often prefer and are able to remain in their own home or community. New York Life offers policies that reimburse for care in a variety of settings including your own home, and provide the flexibility to transition from one type of care to another as needed. In some cases, depending on the policy, we may even reimburse a family member for providing your care.
- Planning for long-term care can provide added peace of mind. With the right measures in place, you can help alleviate the emotional, physical, and financial strain of providing care that often falls on our loved ones.
How can New York Life help?
New York Life is a leader in offering LTC funding options. Together we can create a customized solution to address your specific needs and budget. To learn more, contact your Agent or fill out the “Consult an Agent” form to be connected to one in your local area.
1American Association for Long-Term Care Insurance, 2014 Sourcebook.
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 LTC6. The policy may have exclusions and limitations. For costs and complete details of the coverage, contact your Agent or the company. New York Life Insurance Company 51 Madison Avenue, New York, NY 10010.