Maintain Independence With New York Ltc Insurance
Nobody wants to be dictated upon by others just because he grew old and became functionally limited, especially if he has had a great deal of achievements during his heyday. With a New York long term care insurance policy, he can definitely preserve his pride, dignity and independence.
New Yorkers are known to be very hardworking, courteous, resilient, and independent but they also happen to be residents of a state with a very high cost for care. Ironically, the poor population here is 1.6 million raising the states percentage of residents living below the poverty level to 20.1%.
Imagine how many poor disabled children, adults and pregnant women you will aggrieve should you deprive them of their Medicaid rights just because you forgot to plan your health care needs.
Medicaid is a federal health insurance program designed for low-income individuals and families and it is state regulated. Unfortunately, a big percentage of middle-class families are acquiring assistance from this program because they cannot afford the cost of care in New York.
As of this writing, the median annual rate of a nursing home in New York according to the Genworth Financial 2011 Cost of Care Survey is $119,355. This six-figure price tag will increase fourfold in 2030 according to financial analysts and LTC experts. Should that take place, nursing home residents will be forced to pay out a whopping amount of $477,420 every year.
Home care, which is preferred more by many New Yorkers, is not a cheaper option as senior New Yorkers who are currently receiving this type of care are paying a home health aide $48,048 per annum for providing them assistance with their activities of daily living (ADL) namely eating, bathing, toilet use, dressing, continence, and transferring.
New York Long Term Care Insurance Alleviates Cost
You can find numerous nursing homes and community-based long term care facilities in New York that are top of the line and capable of providing extensive custodial and medical care to their patients. Apart from these services, many of these senior facilities host social activities to promote the wellbeing, independence and mental abilities of the elderly.
New Yorkers are aware of what The New York State Department of Health does as it is responsible for monitoring and inspecting various health care facilities in the state, so they are confident that they shall be given topnotch care even if they pay via Medicaid.
That wouldve been the case had they acquired Medicaid assistance 10 years ago but now its different since New Yorks Medicaid eligibility system had been redesigned to cut down the said programs expenditures on LTC which rose from $9.8 billion to $12.4 billion.
To receive high quality care, New Yorkers are advised to secure a definite plan that will shoulder their LTC expenses and allow them to receive care wherever they wish.
With a comprehensive New York long term care insurance (LTCI) policy, the insured can choose to receive care at home and gradually move to a community-based LTC setting or an institutional care upon his doctors recommendation without spending a single penny. Speak with a licensed LTCI agent and find out how you can get the best LTCI coverage in New York without wiping out your assets.
by: Beatrix Lewis