Insurance Broker Explains NYS Partnership with Long Term Care
As an experienced certified Insurance Broker, I often field questions regarding what New York State Partnership is for long term care. The New York State partnership for long term care is a way to pay for the high cost of long term care by splitting benefits between the individual, an insurance company, and the New York State government. Ideally, once long term care insurance is purchased, the benefits would be unlimited or payable for lifetime because we don’t know how long we’re going to need long term care for.
However, that type of policy is very expensive. Under terms of the partnership, if an individual purchases a limited benefit policy from an insurance company, say three or four years, if care is still required after three or four years, that person will apply for Medicaid extended coverage and automatically qualify without having to spend down assets to Medicaid limits.
Do you need the NYS partnership in order to pay for long term care? Contact our experienced Insurance Brokers for guidance.