Why let go of what you’ve worked so hard to save?
 The New York State Partnership for Long-Term Care is a unique program combining private long-term care insurance and Medicaid Extended Coverage. Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care or assisted living services someday. The program
allows New Yorkers to protect some or all of their assets (depending on the insurance plan purchased), if their long-term care needs extend beyond the period covered by their private insurance policy.
What does this mean to you?
If you buy New York State Partnership for Long-Term Care insurance and use the benefits according to the conditions of the program, you can apply for New York State Medicaid Extended Coverage which may assist in paying for your on-going care. Unlike regular Medicaid, Medicaid Extended Coverage allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar asset protection plan or a Total asset protection plan.
However, Medicaid Extended Coverage does require that you contribute from your income to the cost of your care according to Medicaid income rules.
How is the Partnership a win-win situation?
The Partnership helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long term care. By allowing New Yorkers to keep what they?ve worked hard to acquire, and reducing Medicaid costs for the state, the Partnership provides a win-win scenario for everyone.
Who should consider a Partnership policy?
Partnership for Long-Term Care insurance allows you to choose the care and care setting that meet your care needs, while avoiding financial hardship. A Partnership policy is ideal for someone who will not be able to afford the high cost of long-term care but who can afford
the reasonable cost of long-term care insurance. The purpose of the Partnership is to protect personal resources by insuring yourself against the future catastrophic cost of long-term care. Therefore, if you have accumulated some wealth by saving, investment, or growth of value, you may be the best candidate for Partnership insurance. Remember you must continue to pay the premiums and may also be responsible for certain out-of-pocket expenses beyond your policy coverage.
Why consider a Partnership policy today?
Give yourself and your family peace of mind. As long-term care costs increase, quality longterm care insurance is a sensible way to protect your financial and personal independence. The Partnership program will provide Medicaid Extended Coverage benefits once the private insurance benefits have been exhausted. Your income will be used for your care, but your assets are protected, and you have established lifetime care. An option for New Yorkers who want to stay in financial control of their assets and their care choices.
Call
1-866-950-PLAN
www.nyhealth.gov
www.planaheadny.com
|
