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New York Long Term Care Insurance for Baby Boomers

 

If you are a baby boomer, then you are well aware that you are getting to the age that you need to consider things such as New York long term care insurance. If you have not thought of purchasing a long term care insurance policy in the past, it may be worth your while to read on and learn a little about whether or not this type of insurance can benefit you.

 

New York Long Term Care Insurance Statistics

You may not be aware of the need for long term care insurance. After all, many people think that their health insurance plan will cover expenses for long term care. This is not the case and the need for long term care insurance is real. Take a look at some of these sobering statistics.

 

  • If you are over the age of 65, you have a 70 percent chance of needing long term care at some point.

 

  • You can only expect your health insurance, along with Medicare, to pay for about 3 percent of the cost of long term care.

 

  • Depending upon the intensity of the care you may need, the cost of long term care for one year will be between $20,000 and $60,000.

 

  • 70 percent of individuals find themselves impoverished after only one year of long term care.

 

  • The average stay in a nursing home of those over the age of 65 is 2.5 years.

 

These statistics should make you think twice about disregarding New York long term care insurance.

 

When to Begin Shopping for New York Long Term Care Insuran

It is recommended that you begin shopping for long term care insurance in your mid 50's. This provides a balance between still qualifying for lower rates and not paying premiums for too many years. This means, as a baby boomer, you are at that age or a little past. While you don't have to drop everything and begin shopping this instant, shopping for New York long term care insurance should make its way on your to-do list.

 

New York Long Term Care Insurance for Baby Boomer Couples

When you add your spouse into the mix, the chances of at least one of you needing long term care goes up considerably. Shopping for long term care insurance is a bit different when you are shopping as a couple rather than as an individual. You can purchase what is known as a Shared Care Plan. In this instance, you buy one policy that allows you and your spouse to share the benefits of the policy.

A Shared Care Plan has it drawbacks. It is possible for one of you to exhaust the policy benefits, leaving the other uninsured and at risk. To avoid this, you can purchase policies with higher benefits, even lifetime benefits, or policies that allow you a guaranteed purchase option to purchase more long term care insurance.

 

New York Long Term Care Insurance Rate Quotes for Smart Shoppers

No matter the type of policy you end up purchasing, a smart shopper such as yourself will want to look at all the options available. This means getting online rate quotes that allow you to compare different policies and the companies that offer these policies. You can first use the quotes to find a plan you can afford. Once you have the type of policy you want, you can use more quotes to see which New York long term care insurance company will offer you the best rate.

These quotes take only a few minutes to gather and you don't have to even leave the house or pick up the phone. The great advantage is that they allow you to get the New York long term care insurance policy you want at a price you can live with.

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