https://nyspltc.health.ny.gov/docs/2024_brochure.pdfAs a point of interest to some, no insurance companies in NY State are offering a LTC partnership program effective 2021. Existing LTC partnership policies in NY State are being honored. There are two types of partnership program in NY — one (Total Asset Plan) lets you keep all of your assets should your existing LTC benefits run out and Medicaid kicks in; however, your income is only partly protected from Medicaid at that point. There is also a less advantageous NY LTC partnership program called Dollar for Dollar Plan. For those interested, here is a link: https://nyspltc.health.ny.gov/
Was it too good to be true ?
Didn’t read all the details since no longer available to us in NY, but on the surface this seemed to address PART of my objection to LTCi (lack of tail risk protection which is the only protection to me worth paying for, if priced appropriately). Like HDHP/HSA, I now prefer to pay a low premium for tail risk and pay out of pocket for usual expected expenses. Most LTCi do not seem to cover tail risk and priced more as pre-paid services than tail risk insurance. Insurance is not a suitable savings/investment product to me, prefer tail risk insurance only. Have high deductibles on homeowners and car too.
Statistics: Posted by beyou — Sat Mar 09, 2024 4:46 pm — Replies 51 — Views 6162