If you know that you may need long-term care insurance in the New York City area, there are some important things to know first. If you are eligible, then you’ll want to figure out what would be the appropriate amount of coverage to meet your specific needs.
What is long-term care insurance?
This is a type of insurance coverage that’s meant to cover many long-term care needs and services. You get this insurance if you require assistance for any chronic illness. It’s a kind of private insurance so you would purchase it for yourself.
Long-term care insurance in Westchester County provides benefits towards custodial care but not acute care. This means that people who have difficulty performing activities of daily living and would need assistance can get this insurance coverage to offset the costs.
You can also receive this insurance if you have cognitive impairment affecting your judgment, memory, and reasoning abilities. Your state law and policy terms would determine how many activities of daily living you aren’t able to perform to obtain benefits.
Age Considerations
NYC long-term care insurance premiums tend to cost more when you’re older but you can see more benefits. Even if you don’t currently have a debilitating condition that requires you to have assistance with your daily activities, the risk goes up as you get older for developing such conditions. You’ll want to have the most coverage you can afford and consider looking into hybrid long-term care and life insurance policies.
Health Risks
Consider your family’s health history in addition to your own. For instance, if you’re 40 and in relatively good health yet you know many of your family members had certain health conditions before 60 years old, you’ll want to be prepared by starting to pay out for more coverage over time.
Income and Savings
If your current income and savings provide you with a comfortable life and you have assets you want to protect, consider getting a more extensive policy. You may want to preserve assets for your heirs and not have your care costs deplete your savings. Talk to an insurance expert about your wishes and get their advice about how to handle your insurance coverage and protect your wealth with wise decisions.
Family Support
How much family support do you have? If you have family who live close by and can assist you in your daily activities even part-time, you won’t require daily care. You’ll still want to look into insurance coverage for some crucial health care that you might still need outside of this. You can’t predict what might happen and it’s always good to have a backup plan for comprehensive care.
Premiums
Premiums tend to be more expensive the longer the coverage period is that you elect. If you’re looking to keep your premium down, you can choose a shorter coverage period to start and then start a new policy if need be.
Long-term care insurance can relieve a mental, emotional, and financial burden on you and your family. If you’re new to learning about this type of insurance and you have questions, contact us at Margolis & Associates. We are pleased to help people set up long-term care insurance in the greater NYC area.