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Basics of Long Term Care Insurance

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Classifications Of Insurance Policies Covering Long Term Care Services

New York State has established minimum standards for insurance policies covering long term care services.

The Department has established four different classifications for these policies:

Long Term Care Insurance policies provide the broadest coverage of long term care services. The Department requires that these policies cover for at least 24 consecutive months, the following benefits:

AND

Nursing Home and Home Care Insurance combines the benefits of Nursing Home Insurance Only and Home Care Insurance Only. This policy is for those persons who want some coverage for nursing home and home care services but who cannot afford Long Term Care Insurance.

The Department of Financial Services requires that these policies cover, for at least a period of 12 consecutive months, the following benefits:

AND

Nursing Home Insurance Only is for those persons who either:

Nursing Home Insurance Only must provide at least twelve consecutive months of coverage of custodial care services of at least $50 a day while confined in a nursing home.

IF THERE IS ANY CHANCE THAT YOU MAY REQUIRE INSURANCE COVERAGE FOR HOME HEALTH CARE SERVICES IN THE FUTURE, A NURSING HOME INSURANCE ONLY POLICY MAY NOT BE THE BEST TYPE OF LONG TERM CARE COVERAGE FOR YOU.

Home Care Insurance Only is a very limited policy. This type of policy should only be considered by those persons who either:

Home Care Insurance Only must provide at least twelve consecutive months of coverage of custodial care services of at least $25 per day in a private home.

IF THERE IS ANY CHANCE THAT YOU MAY REQUIRE NURSING HOME SERVICES IN THE FUTURE, A HOME CARE INSURANCE ONLY POLICY IS MOST LIKELY NOT THE BEST TYPE OF LONG TERM CARE COVERAGE FOR YOU.