What you should know about long-term care 

Long-term care is a subject that is important to understand, but one that can be confusing even for savvy financial professionals like yourself. The best way to get answers to your questions is to connect with a New York Life long-term care agent by filling out the form on this page. 

In the meantime, here’s some general information on long-term care to get you started. 

What, exactly, is long-term care? 

Long-term care is a general term for services that help you take care of personal care needs if illness, disability, or cognitive dysfunction keep you from taking care of those needs yourself. While many people associate long-term care with nursing homes, many types of long-term care can be performed in your own home and can in fact help keep you from needing to live in a facility. 

Have more questions? 

How much does long-term care insurance cost? 

The cost for long-term care coverage can vary based on your age, health, and how much coverage you buy. For example, long-term care insurance for a 50-year-old man in good health could cost around $100 a month1. The best way to figure out how much you’ll pay is to speak with a New York Life agent. 

To give you an idea of how much coverage you may want to purchase, here are some examples of common types of long-term care services and their average annual costs: 

Find out how much coverage makes sense for you. 

Why should I consider buying long-term care coverage? 

Having a plan in place for eventual long-term care needs can make a big difference in how those needs affect you. Here are some of the reasons to consider buying long-term care insurance: 

Risk management 
Long-term care can have a severe impact on your financial plans. This coverage minimizes this risk by giving you resources other than your assets to pay for care.

Tax benefits
The premiums you pay for qualified long-term care insurance are tax-deductible up to a certain amount. The exact amount of your deduction is based on your age—for example, a person between the ages of 50 and 60 could deduct $1,460 toward long-term care insurance premiums in 2016.4,5

Family matters
An unexpected need for long-term care can create awkward and stressful family situations, especially if you need to rely on family members for care. This program can help ease this burden by giving you access to professional assistance for personal care needs.

Control 
One of the biggest considerations when it comes to long-term care is control. This program can help you maintain financial independence —setting you up in a position of greater control over where, how, and from whom you receive care.

Ready to get started? 

Why should I consider buying coverage from New York Life? 

While you may need long-term care at some time in your life, hopefully you won’t need it anytime soon… which means you need to pick an insurance partner you can count on to be there for you far in the future. With their 175-year history of protecting families, New York Life has the financial strength and proven track record to stand behind their promises.

Ratings as of 10/15/20. This report indicates the overall financial status of companies at a particular date. 

Put the power of New York Life in your corner. 

Why New York Life? 

While you may need long-term care at some time in your life, hopefully you won’t need it anytime soon… which means you need to pick an insurance partner you can count on to be there for you far in the future. With their 175-year history of protecting families, New York Life has the financial strength and proven track record to stand behind their promises.  

Have questions?

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1 Monthly premium for NYL Secure Care Policy with a facility services and home and community-based care maximum daily benefit of $135, a three-year benefit period, with a 90 day waiting period, a CPI-U Benefit Increase Offer Inflation rider, and a policy lifetime maximum of $147,825. Rates may vary by state and may be increased in the future. 5% compound inflation protection is also available at an additional cost.

2 2017 US Department of Health and Human Services (longtermcare.acl.gov/costs-how-to-pay/costs-of-care.html)

3 2018 New York Life Cost of Care Survey

4 2016 IRS (https://www.irs.gov/pub/irs-drop/rp-15-53.pdf)

5 Provided for informational purposes only. Neither New York Life Insurance Company, its subsidiaries, nor any of its Agents are in the business of offering tax, legal or accounting advice and nothing contained herein is, or should be construed as legal, tax or accounting advice. Clients should always consult with their independent professional advisors to seek advice on the applicability of this information to their particular circumstances. 

New York Life Insurance Company | 51 Madison Avenue | New York, NY 10010 

The purpose of this material is solicitation of insurance. An insurance agent may contact you. Policy forms ICC18-LTCD PLCY (0218), ICC18-LTCDNC PLCY (0218), ICC18-LTCDNC-U PLCY (0218), ICC18-LTCD-U PLCY (0218), ICC18-LTCWP PLCY (0218), ICC18-LTCWPNC PLCY (0218), ICC18-LTCWPNC-U PLCY (0218), ICC18-LTCWP-U PLCY (0218), LTCD PLCY (0218), LTCWP (0218), ICC14-LTC6, LTC6, LTC6-U, and any state specifics are issued by New York Life Insurance Company, New York, NY. Premiums vary by issue age and may be increased in the future. Policy issue is subject to underwriting. A medical exam may be required. The policies have exclusions and limitations. For cost and complete details of the coverage, contact your agent or the company.
 

SMRU 1733184  (5/17/2021)

ICC18-1733184 1733184