Can you Cut the Cost of your New York Long Term Care Premiums?

Purchasing long term care insurance in New York can cost a fortune. Not a big deal for some but what about those who weren’t born with a silver spoon in their mouth? The long term care rates in this state are very alarming because with the way it is increasing right now, there is a great chance that it will increase as much as 50%.

The increase in rates is constant and insurance companies can’t do anything about this, so the one who needs to make adjustments are the people who want to get coverage. The government recognized this very well and that’s why they have implemented programs such as CLASS Act. This was supposed to encourage people to purchase ltc policy and free Medicaid from paying for long term care costs of their members but since it was cancelled, then anyone interested have to rely on their other options.

Age is one of the factors insurance companies consider in determining your premiums. Applying for long term care insurance at a younger age will reward you with much lower premiums. Unlike those who thought of applying for one when they’re about to retire, they will definitely get high premiums.

Health is another important factor companies consider. You need to answer the questions honestly, if you have family history of a certain type of disease or you have high risk factors. These will be the basis of your premiums, whether you’re eligible for lower or much higher rates.

Cities in New York offer different rates as well. Residents of Manhattan have to pay $438 monthly to nursing homes while those living in Queens will only cost them $331 in one month. Your exact location matters too in determining your long term care expenses.

If you want to avoid high New York long term care costs, it’s advisable to shop for long term care quote early and to arm yourself with all the helpful information that can help you save money.  

Who Considers Purchasing Long Term Care Insurance?

Most Americans think that Medicaid can cover all their long term care needs in the latter years of their lives. If you are one of them, better start long term care planning now because it has limitations. Chances are, you’ll end up exhausting your savings and assets or you’ll become a financial burden to your families. Do you want to end up in either of the mentioned situations?

If you want to face tomorrow with a full coverage of extended care you might need, then it’s best to consider requesting for long term care quote as early as now. If you still don’t believe it, I hope this can help change your mind. Statistics would show that out of then individuals only one will not require long term care services. That only shows that everyone has a high percentage of needing long term care in the future.

The cost of nursing homes, assisted living facilities and hiring caregivers will cost you a fortune without a policy today, so what more if 5 or 10 years will pass? The cost will surely double or even triple, so it’s best to be prepared by having a long term care coverage.

The age bracket of people who are highly encouraged to purchase ltc policy are from 50 years old and above. But since more people are becoming more at a high risk for chronic illnesses and getting injured, even those who just turned 40 are encouraged to shop for long term care quote.

Most people shrug off the idea of purchasing one but have a policy early is actually beneficial. You don’t have to pay for high premiums and you are very eligible to get coverage. Putting this off is not worth the risk because you’ll be the one who’ll suffer and as well as your family.

Just because your healthy at this moment means that you’ll still be the same in the coming years. You need to understand that as people grow older they become more vulnerable to diseases. This means that everyone should consider long term care insurance and don’t ever rely on Medicaid alone.  

Learn the Basics of Long Term Care Insurance

Still half-hearted in shopping for long term care quote early? I hope this video can give you helpful insights regarding long term care. Learn the basics first and from there you can perhaps realize the importance of this in your life. Watching this will just take a few moments of your time which in turn can reward you with a secured and comfortable life. I'm pretty sure you have an idea how hard it is to pay for long term care services straight from your pocket. 

After watching this short video, I hope you're considering to purchase a policy much earlier in order to cut the cost of premiums. It's quite expensive particularly to people who are not fortunate enough to have the budget for this policy. If only CLASS Act pushed through, it would be more affordable for people to make a purchase.

Long term care policy is not just for the elderly. You're still young and healthy at this moment but what if you get injured or you've met an accident. Applying for coverage after those things happen will give you high premiums or you'll get no coverage at all. Consider the advice coming from a pro and structure your life with long term care insurance.