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What 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.

Long-term care insurance is designed to help pay for these services, so that you can protect your lifestyle and your assets against this expense. Learn more in our free guide to long-term care, created especially for AICPA members.
 

What is Long-Term Care?

Why do CPAs choose it?

Long-term care services can be expensive, and many people are surprised to find out that health insurance or government programs like Medicare often don’t cover it. Here are some common long-term care services and what they might cost annually without insurance:
 
  • Homemaking assistance (20 hours a week): $20,8001
  • In-home health aide services (40 hours a week): $60,569.602
  • Assisted living facility (one-bedroom unit): $63,336.602 per year
  • Nursing home (private room): $116,654.762 per year
 
Long-term care insurance can help you protect your lifestyle and your assets if you or a loved one needs care.

What it covers

These are just some of the services long-term care coverage can help pay for:
 
  • In-home or nursing home medical care
  • Personal health and hygiene services
  • Money management services
  • Housework help
  • Meal preparation services
  • Pet care services

What it costs

Long-term care insurance costs can vary widely, depending on how much coverage you need and what options you choose. For example, a healthy 50-year-old man can get coverage for about $1,200 a year.3
 
Fortunately, through this program, a dedicated New York Life agent can help you understand your options and choose the coverage that best fits your needs and budget.

Why CPAs choose AICPA Long-Term Care

With AICPA Long-Term Care Options from New York Life, CPAs can take advantage of these benefits:
 
  • A wide variety of coverage options to meet your unique needs.
  • A dedicated, specially trained New York Life agent to help you understand your options and select what's best for you.
  • Exclusive discounted rates.4
  • The ability to maintain control over your care options while minimizing the risk to your financial situation.
  • Peace of mind, knowing you have a strategy in place to help protect what you've worked so hard to build.
Why CPAs choose AICPA Long-Term Care

About the Underwriter

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.
 
A++: A.M. Best (Highest rating)
AAA: Fitch (Highest rating)
AA+: Standard & Poor’s (Second-highest rating)
Aaa: Moody’s Investors Service (Highest rating)
 
Ratings current as of 10/18/2022. This report indicates the overall financial status of companies at a particular date.
About the Underwriter About the Underwriter
Frequently Asked Questions

New York Life has developed a guide to help you learn the basics of long-term care: what it is, what it costs and the coverage options available to you as an AICPA member. Just complete this form to download your free guide.

Yes. Once you’ve downloaded and had a chance to review your guide to long-term care, an agent will reach out for a no-obligation conversation to answer any additional questions and help you begin exploring long-term care coverage.

Because long-term care can be customized to fit your unique needs, this product is only available through a licensed New York Life agent.

Working with a New York Life agent can make the complex process of selecting and buying long-term care insurance much easier. Your dedicated, specially trained agent will take the time to get to know you and your unique needs to help you make the best choice for you.

AICPA members frequently requested that we add long-term care insurance to our list of member benefits. New York Life has the financial stability and proven track record to offer the service and stability that AICPA members like you deserve.

Disclaimer

1 2020 US Department of Health and Human Services

22023 New York Life Cost of Care Survey

3Monthly 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.

4For preferred rate class only. Benefits or premiums may vary by age and are subject to underwriting.

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 LTC6(CA) are issued by New York Life Insurance Company, New York, NY. The amount of benefits and premium depend on the product options selected. Premiums vary by issue age. Policy issue is subject to underwriting. The policies have exclusions and limitations. For costs and complete details of the coverage, contact your agent or the company.

2

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AICPA Member Insurance Programs
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Fort Washington, PA 19034

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