Long term care insurance is undeniably an important investment as it is the only product in the market which offers individuals access to high quality care and asset protection. With premiums of New York long term care insurance (LTCI) policies increasing rapidly, though, one cannot be blamed for having second thoughts before buying.
In the past, individuals who shop for long term care quote and buy LTCI policies at a young age are applaudable as they manage to save a chunk of money on their premium. Young buyers of LTCI policies are usually blessed with annual premiums that range from $450 to $999 but nowadays a 54-year-old buyer is forced to pay close to $2,000 for his coverage.
Reports have it that insurance companies had to increase the LTCI premium of existing policyholders to ensure that they remain in business. Most of these firms have miscalculated the amount of claims that they will receive, while others have deliberately offered policies at a very low premium rate. In other words, these insurance companies are not earning as the premiums that are paid to them only go to the benefits.
There have been big insurance firms that raised the premium rates of their existing policyholders up to 10% while others went as high as 17%. If one is not financially sound it would be impossible for him to maintain the premium of his LTCI coverage especially if his insurer keeps increasing the rates.
If you feel suspicious about the premium hike which your insurer has imposed on your coverage, contact New York’s insurance department as every insurance firm should obtain approval for premium increases before it can implement new rates.
New York Long Term Care Insurance
Even if the annual premium rates of most LTCI policies in New York have exceeded $1,500 those in the know will tell you that this amount is still reasonable as compared to the five figures that you have to fork out once you actually begin to receive care.
New York’s cost of care is among the highest in the whole world. Oftentimes, a spectator would look at the numbers and wonder how the residents still manage to breathe.
Residents of a New York nursing home are paying $324 annually, on average, for a private room while those who are staying in semi-private rooms are forking out $309 daily. New York happens to have a roster of nursing homes that provide topnotch care. To find out what these are you can get in touch with its local Area Agencies on Aging.
If you need additional information about New York’s best nursing homes the New York State Office of Long Term Care Ombudsman also serves as a reliable source. This government agency oversees the health and safety of elderly people in nursing homes. Since it religiously inspects all operating nursing homes in New York it has a complete list of legit nursing facilities and the ranking of each.
Aside from nursing homes, New York also boasts reliable home health care agencies and community-based LTC facilities. However, taking into account the high price tags of these LTC facilities you seriously need to consider a New York long term care insurance policy.
Don’t let hearsays affect your future, speak to a licensed LTCI agent personally.
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