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New York Life Insurance Long Term Care

Long Term Care Insurance is a widespread topic of discussion in today's health care and financial circles and has been a regular topic in newspapers and magazines. There are several reasons, but to be particular, it is because of the realities such as rising cost of care, increase in life expectancy, new types of care industries are making available etc. With understanding of the cost of care, potential benefits of the insurance coverage and new ways the long term care is being provided, many people are beginning to consider long term care as another way to help protect assets, as a financial planning tool and as a way to help ensure that the amount of care will be available if and when they need. However, many people do not understand what the long term insurance policies cover, how and when benefits are paid and who are eligible for the coverage. To help people understand and achieve their goals, New York Life Insurance Company addresses several key issues about long term care and provides customizable policies with competitive rates and benefits.

For those who do not understand fully what all long term care and long term care insurance policies cover, New York Life has clearly given its meaning and coverage. It has explained that long term care is a type of
medical care that people may need at some point in their lives. It is different from Medicare and Medicaid, while Medicare is a health insurance for people above 65 years and does not pay for long term care. Medicaid do cover the cost of some types of long term care but designed only for those individuals who cannot meet their medical needs, and to qualify one must meet the eligibility requirements.

New York Life Long Term Care Insurance

Long term care insurance policies, in most, can help cover costs and pay for a variety of home and community-based care services including stay in a nursing or residential facility, in-home care, custodial care, informal care, and care provided in Alzheimer's facility and hospice etc. For policy payment, most policies will pay a preset amount of the insured's long term care costs when he/she (insured person) is certified by a licensed medical practitioner and termed as a "chronically ill individual". To be certified and termed as a chronically ill individual by the practitioner, insured must either require substantial supervision to protect himself/herself from threats to health and safety or must be in the position to unable to perform at least two or more Activities of Daily Living which include transferring, bathing, toileting, dressing, eating and continence. Once the policy's benefits are triggered, the policy will continue to pay for the preset period or until the insured no longer needs long term care.

New York Life Insurance Company offers a variety of customized long term care insurance policies with rich set of benefits and variety of inflation protection and waiting or elimination period options. Qualified individuals age between 18 and 85 are eligible to apply for the coverage. As the company stands among the highest financial strength ratings, its policies are also backed strongly by the same strength. Clients can be assured with one of the best policies available for their precise long term care needs. As policies may vary from region to region and state to state, and in coverage and benefits, individuals are asked to clearly understand any policy that one considers.

For detailed information about New York Life Long Term Care and Long Term Care Insurance and their operating division, individuals may log on and review from the official website of the company.


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