What is the cost of long-term care in New York?

New York has one of the most expensive long term care services in the US. and with the statistics provided herein, it is a great challenge to seniors living in New York…And although Medicare and Medicaid are available in this City, they are still way more expensive than the average cost. Of course, if ltc services are expensive, it follows that ltc insurance is also costly. The best way to reduce the cost is to relocate to another city which offers affordable ltc services. Of course, not everyone is amenable to relocating so here’s a few guide on how to minimize the cost of ltci in New York: http://www.infolongtermcare.org/how-to-minimize-long-term-care-insurance-costs-in-new-york-state/

Do The Right Thing Insurance

According to the NYS Partnership:

Median
Annual Cost*
Home Care
Homemaker Services (44 hours per week)
$45,760
Home Health Aide (44 hours per week)
$50,336
Adult Day Health Care
Adult Day Health Care (5 days per week)
$19,500
Assisted Living Facility
Private, One Bedroom
$47,400
Nursing Home
Semi-Private Room
$120,998
Private Room
$125,732
To see the cost of care in New York by region, click here:
https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/New%20York_gnw.pdf
*All figures are from Genworth’s 2013 Cost of Care Survey (conducted by CareScout).

For the full report and newsletter, click here.Partnership Press Winter 2013-2014

2014 LTC tax deductions

aaron

Contact me for a quote and or ideas on how to leverage  a life insurance policy to access LTC benefits as an alternative.

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