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If you’re planning to grow old in New York, better save up for your long term care (LTC) before you hit the age of 50. Studies show that an elderly who gets admitted to a nursing home in New York will only receive a Personal Needs Allowance (PNA) of $50 a month from Medicaid. As one gets older, all the more that he should value his life but with $50 a month you’re not doing yourself a favor. New York long term care costs are extremely high and thus the need to prepare for your future health care needs by investing in an LTCI policy with a reasonable premium. Nowadays, you will need to spend $119,355 annually for a New York nursing home’s private room. However, if you only have $200,000 left in your bank account by the time you start needing long term care you’ll be out of resources. No matter how big your bank savings is, this can dwindle in just a blink of an eye what with the New York LTC costs. This is a reality which New Yorkers face day in and day out. New York Long Term Care costs, however should not be dreaded as there are many ways to fight it if not adjust to it. Numerous insurance companies offer LTCI policies which come in different features and premiums. Better familiarize yourself with the rates of LTC facilities in your area before making a purchase from an insurance firm to be sure that you won’t be spending more than what you’re supposed to. Manhattan, Long Island and Brooklyn have the highest rates for long term care facilities. In Manhattan the daily cost of a private room in a nursing home would amount to $445 so you’ll be paying $162,425 annually. For a one-bedroom assisted living facility in Long Island, one is expected to pay $4,168 monthly tantamount to an annual payment of $52,020. Even those who would opt for home care are not exempted from the high rates of NY LTC facilities. In Albany, you pay $50,336 every year for a home health aide while an assisted living facility’s annual cost is $50,724. Due to the continuous rise in the prices of LTC facilities, the elderly population has seen the importance of owning a long term care insurance policy. Long Term Care Partnership Policies are the most sought after LTCI policies here for these allow the public to keep their assets even if they decide to apply for Medicaid assistance afterwards. Policyholders of partnership policies are allowed to keep 50% of their assets or its total amount while still qualifying for Medicaid extended coverage. There are four types of partnership policies that they can choose from and each covers very beneficial packages for one’s future health care needs. All New York Long Term Care costs insurance partnership policies issued to individuals aged 79 or below come with an annual inflation rider of 5% compounded. This goes to say that in 10 or 15 years down the road, the amount of maximum policy benefits which a policyholder had at the time of his purchase could be double or even triple. Nothing may stop the soaring cost of LTC but knowing what you need and how much you’re willing to spend will allow you to age with dignity. ------------------ Complete Long Term Care is a resource website where you can find everything you need to know about Long Term Care insurance and some useful tips on how you can save on your Long Term Care insurance premiums.
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