There are many differences between the policy language and benefits between companies that offer Long-Term Care Insurance although the major benefit options are similar. However, key differences, including price, exist between companies that offer Long-Term Care Insurance. It is important to know and understand the differences between New York Life and the other major companies.
Companies do have significant premium differences and New York Life is on the expensive side, however, it is a very respected and highly rated insurance company. Premiums are based on the amount of benefits you wish to have along with your AGE, HEALTH and specific discounts you might qualify for.
New York Life offers an endorsed plan with AARP, “Secure Care”, which is very expensive. You can learn more about that plan by clicking here. They also have a newer policy series, “My Care”, which is using many of the “cost-sharing” provisions which are common with traditional “major medical insurance” plans, such as deductibles and coinsurance payment requirements. While there are some costs savings with “My Care” compared to “Secure Care”, it is still a very expensive long-term care policy. They both offer the chance of a dividend which is not guaranteed.
“My Care” offers only a handful of coverage options. The consumer selects a benefit level of either $50,000, $100,000, $175,000 and $250,000. You select a monthly benefit $1,500, $3,000, $5,000 or $7,000. The policy will pay 80% of the charges up to the maximum benefit level. After completing a deductible $4500 to $21,000. This means you could incur a substantial amount of out-of-pocket expense.
For an additional premium, you can purchase inflation options (CPI, 3% compound and 5% compound). A rider for shared spousal benefits is also available and additional cost.
“Secure Care” is a more traditional long-term care policy offering a daily benefit and a pool of money to pay care. It has more typical elimination periods, 90 days, 180 days or 365 days. This indicates the number of days required prior to receiving benefits once you qualify under the benefit trigger.
At extra cost, a consumer can purchase a rider to allow for a monthly benefit for homecare instead of a daily benefit. Also available at extra charge:
Return of premium – A policyholder is able to have his estate received premiums paid minus the long-term care benefits paid.
Shared Care – For spouses buying the exact same benefits a third pool of money can be purchased in the event they were to exhaust the money in their policy.
New York Life offers AARP Long-Term Care Options to eligible AARP members. New York Life pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP.
New York Life, like many companies, offers partnership benefits. Learn more about the federal/state partnership program here: https://mccannltc.net/resources/faq/state-partnership-program
Underwriting criteria – which health conditions you have today that might be insurable will vary between companies. Matt McCann understands the underwriting guidelines for New York Life and all the major companies in order to match you with the best and most affordable option.
Discover the differences and compare. Matt, with his years of experience (since 1998) will help you determine if coverage is suitable for you if your health qualifies for coverage and then recommend appropriate benefits and options.
Features, benefits and additional options can vary from company to company. Some options like shared care benefits are options Matt McCann recommends often and other options might not be in your best interest. Premium differences exist between this plan and others. This is why you should seek the assistance of a qualified Long-Term Care Specialist to compare features, benefits, and costs.
As a nationally recognized Long-Term Care specialist, Matt McCann works with all the major companies in the industry and can compare features and benefits as well as the costs between the plans. Plus, his claims assistance can help you design an appropriate plan which fits your needs and budget.
Long-Term Care Insurance is custom designed specific to you. Matt’s general philosophy is to design an affordable plan with the best company available (based on your current age and health) so you can take a catastrophic situation and make it manageable. The idea: Safeguard your retirement funds (401(k) IRA 403(b) while reducing the tremendous burdens that are placed on your family when you have an aging or health issue and need extended care.
State variations may apply.
Long-Term Care Insurance is Easy and Affordable Asset Protection. Most people are surprised how affordable a plan can be especially if you obtain coverage before you retire when you are in good health.