Insurance Products > Long Term Care

Long term care is the type of care you need when you are not able to care for yourself, and it includes both institutional, home, and community-based care services. Long term care insurance can help guard your independence, and personal and financial security by providing benefits that pay for a variety of long term care services.

Why should I buy long term care insurance?

  • Contrary to popular belief, Medicare, group medical plans, HMOs, or other health insurance policies generally provide little or no coverage for long term care expenses.
  • The need for long term care insurance can be experienced at any age. People between the ages of 18 and 64 make up 40% of the people needing long term care services. Anyone can be incapacitated by a motor vehicle accident, a stroke, heart disease, or chronic illness.
  • The average cost for nursing home in New York is approximately $10,000 per month or $120,000 per year. In Palm Beach County Florida the average monthly cost for Long Term Care is $8,000 or $96,000 per year. The financial goals of most people may not leave adequate savings to pay for long term care.
  • 70% of single people and 50% of couples with one partner in a nursing home end up impoverished within one year. (Business & Health, January 1997)

Tax advantages

Federal legislation became effective on January 1, 1997, which provides that:

  • Premiums paid for Qualified Long Term Care Insurance may be deductible as a medical expense for Federal income tax purposes.
  • Benefits received from Qualified Long Term Care Insurance Policies are not subject to Federal income taxation.

Applying For Coverage

  • You are eligible to apply of you are age 40-79 (18-79 in Pennsylvania).
  • You should disclose all health conditions on your application.
  • If you are age 55 or older, or have certain medical conditions, a physician's report will be requested.

Why not take a few seconds to try our long term care quotation using the form on the right.

It is free and completely without obligation.