Long Term Care Insurance in New York Fashion

As if that is not too much of a bad news already, another New York long term care insurance provider, Guardian Life Insurance Co. of America, had announced early this year that it will stop writing new LTCI policies by the end of this year.

Considering the standard of living in this part of the world, how can the elderly survive their retirement years without New York long term care insurance policies at hand?

According to the baby boomers in New York who are close or past the age of 65, they aren’t really scared of the high cost of living in their place as most of them were practically raised with it. Simply put, it’s a norm everybody here is accustomed to. All they have to do in order to manage their finances it to cut down on expenses for food, clothing and even travel.

Now that most of them have retired from their jobs, they don’t see the need to buy new clothes and travel all the time. Walking in the park will suffice for leisure while mixing and matching old clothing pieces in their wardrobe could even be the ticket to a new fashion trend, they say.

Food is never going to be a problem because they only need the staples. Perhaps a piece of bread and jam would make a complete meal already. During their heyday, they’ve had the opportunity to dine in fancy restaurants and have had their share of evenings in posh hotels, so they no longer aspire for these things.

However accepting of the way of life in New York, the elderly population here admitted that they dread the inflation of LTC cost. They are aware that sooner or later they will no longer be able to walk or do the other activities of daily living by themselves. When this day comes, they want to be sure that they are financially ready to afford the continuously soaring rates of LTC facilities.

Based on the 2011 report of top LTCI carrier Genworth Financial, the annual median rate of homemaker services in New York is $44,616 while a home health aide would amount to $48,048.

If a 65-year-old wishes to avail home care when she turns 80, so that is in 2026, she will be forking out double the amount of cost of the mentioned LTC services because the industry foreboded all LTC facilities will increase twofold in 15 years and fourfold in 20 years’ time.

Worse is eventually getting diagnosed with a debilitating illness such as cancer or Alzheimer’s, as your doctor could require you to be under a skilled nurse’s care 24 hours. Nursing homes in New York are among the most expensive ones. For a private room, you will need to shell out close to $200,000 yearly. Even if you would opt for a semi-private room you’re annual budget should not go below $100,000 because a semi-private room in a New York nursing facility would cost between $114,900 and $115.000.

To be able to find the company that will offer you a good deal, consult your state’s Department of Insurance for it strictly screens insurance companies with the intention of issuing LTCI policies.

Learn tips on how to save on long term care insurance premiums at CompleteLongTermCare.com. Visit our website to find more details on the costs of New York long term care insurance.

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