212-684-0711
Info@margolisandassociates.com

Long Term Care Insurance Company in NYC

Long Term Care Policy Options Available in NYC

For residents of communities like Bronx, Queens, Manhattan, and Brooklyn, NY, Margolis & Associates can help you find LTC Insurance from the top insurance companies in the area as well as nationally. Our team lives and works in this city; we’re just like you and we can help you choose the right insurance products for your future.

Speaking of choices, choosing the right Long Term Care Insurance is an important decision you have to make for yourself and your family. We understand the needs of individuals and families in the Bronx and Manhattan, and we can help you to understand the best options for you.

Several new options have been gaining popularity in recent years, including Life Plus Long-Term Care policies. These hybrid policies combine life insurance with long-term care coverage, offering added flexibility and benefits. With Life Plus Long-Term Care, you can have peace of mind knowing your family is protected both for life and in the event long-term care is needed.

In addition to traditional Long Term Care Insurance options several new options have been gaining popularity in recent years:

1. Is Traditional Long Term Care Insurance a good option for you?

As its name implies, a traditional policy is designed to cover the long term care expenses of the policyholder. It gives you the freedom to choose how and where you will receive care and  you can also decide how long your policy will be in effect;  a few years or even for the rest of your life.

However, the high cost and the possibility of not using it is why insurance companies offer combination plans that combine the best features of Long Term Care Insurance  with Life Insurance or a fixed annuity.

2. Short Term Care Insurance

A more modest approach to Long term Care  is the Short Term Policy which covers up to 360 days at home or in a facility.  Qualifying is easier. Unlike with traditional insurance plans, you might not have to answer as many medical underwriting questions and the premiums are far lower.

3. Hybrid Life & Long Term Care Policies

Another increasingly popular option that combines Life Insurance with Long Term Care Insurance.  With a Hybrid Policy, you can tap the full death benefit to help pay for Long Term Care. If you don’t need help, your heirs get the full payout.

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How Long Term Care Insurance Works

Have you ever thought about how you will pay for skilled care if you need it in the future? According to Genworth’s most recent Cost of Care Survey, 7 out of 10 people will need long-term care at some point in their life, and while the cost of that care varies for every person, it can average as much as $100,000 annually or more. In NYC boroughs like Brooklyn, NY, and Queens, that average is even higher. One year in a skilled care facility there can cost $144,000 or more. You may not want to think about having to live in an NYC skilled nursing facility, but the reality is that most area residents will need that type of care. Luckily, there is a way you can plan for these expenses and give yourself peace of mind.

Why Long Term Care?

Most individuals purchase Long Term Care Insurance for the following reasons:

Long Term Care Insurance covers the costs associated with prolonged custodial care at home or in a facility. With the right Long Term Care Insurance, you or a loved one can have the ability to choose the type of care you want, whether that is in a nursing home, assisted living facility, adult daycare center, or even in your own home, where you want it the most. You may want to consider purchasing this insurance even if you are young. Here are a few reasons why any time is the right time to think about getting Long Term Care Insurance coverage:

  • Demand is increasing for LTC Insurance, and that means higher costs.
  • Policy options are cheaper when you are young and in good health.
  • LTC Insurance gives you the flexibility to plan for your future the way you want.
  • An LTC Insurance policy can protect your assets from being lost if you need skilled care.
  • Your Long Term Care policy will prevent you from becoming a financial burden to your family in the future.

The question is not as easy to answer as you might think. Statistically 6 out of 10 people will require some form of Long Term Care. Purchasing Long Term Care insurance can be an overwhelming task for most with all the different variables associated with a Long Term Care policy.

Factors To Consider

  • Your age & health
  • The premiums
  • Your Income
  • Your support system
  • Your savings and investments
  • Your taxes
  • Choosing the right Long Term Care Insurance company

If you are interested in finding LTC Insurance in the NYC area, including Bronx, Queens, Manhattan, and Brooklyn, NY, Margolis & Associates is one of the most trusted insurance brokers in the Big Apple. Unlike some other companies, our team will always take the time to listen to your concerns, answer your questions, and ensure that you have all the information you need to choose the right insurance product for yourself. We will never pressure you or push you to select a certain product; we will give you the tools you need to select the best one for your situation. In addition to serving NYC, we also assist people in surrounding areas, so call us if you need Long Term Care Insurance in Nassau County or anywhere nearby.

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Eligibility for Long-Term Insurance is Influenced by Several Factors:

In NYC, the intricacies of long-term care insurance are shaped by a diverse population and the unique challenges they face. While many think that age is the primary determinant, companies evaluate a broader range of factors. Residents across the Bronx, Brooklyn NY, Queens, and Manhattan must be aware that their health, occupation, and even lifestyle choices can play a significant role in determining their eligibility. These elements together help insurance firms assess the potential risk of insuring an individual.

Furthermore, within NYC, the competition among long-term care insurance providers ensures a rigorous screening process. Different companies might have varying benchmarks or criteria, making it essential for potential policyholders to shop around. It’s crucial for those living in areas like Brooklyn NY, Bronx, Queens, and Manhattan to research and find a company that aligns with their specific needs. As the demand for long-term care insurance grows, understanding these nuances becomes increasingly important for NYC residents. Let us guide you through this process.

In addition to traditional Long Term Care Insurance, newer options like Life Plus Long-Term Care policies are becoming more popular. These hybrid plans merge life insurance with long-term care coverage, providing both financial protection for your family and the flexibility to cover long-term care expenses when needed. With Life Plus Long-Term Care, you can ensure that you’re not only securing your family’s future but also preparing for the possibility of needing care later in life. Let us help you navigate these evolving options and find the best fit for your needs.

Purchasing Long Term Care insurance can be an overwhelming task for most with all the different variables associated with a Long Term Care policy. Let Margolis & Associates help you determine which companies offer insurance policies that will meet all your needs, now and in the future. Call us at (212) 684-0711 or send an email to info@margolisandassociates.com to find long-term care insurance in Westchester County, in NYC, and nearby communities.
Allow us to help you develop the right plan. Contact Margolis & Associates.