Fratello & Fox, P.C.

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ATTORNEYS AT LAW

What is NYSPLTC?

             The New York State Partnership for Long-Term Care (NYSPLTC) is a program that was created to assist New York State residents in financing long-term care, such as paying for nursing home care, home care, hospice care, etc.  It is a distinctive mix of long-term care insurance and Medicaid Extended Coverage.  Most importantly, and unlike other long-term care insurance policies, NYSPLTC allows you to protect some or all of the assets you worked so hard to attain.

 

Who Should Consider NYSPLTC?

             If you cannot afford to pay privately for long term care, but may be able to comfortably pay the premiums for long-term care insurance, you should consider NYSPLTC.  Premium cost is dependant upon policy purchase age, coverage and the type of asset protection you choose.

 

What if I move outside NYS?

             The insurance policy will state in which areas of the United States you may utilize the insurance benefits.  At this time, you must be a resident of New York State to receive Medicaid Extended Coverage under the NYSPLTC program.  If you are planning to relocate to another state, you should give this careful consideration in your decision to purchase the program.

 

What If I Need Long-Term Care?

             First, you will use your benefits under the insurance policy.  You may incur out-of-pocket expenses if there are charges not covered by the policy.  If you exhaust the policy benefits after a period of time specified by the policy, you can make an application for Medicaid Extended Coverage.  Depending on the type of insurance plan you chose, some or all of your assets will be protected.  However, you may have to contribute some of your monthly income to your care after taking into account your income level and degree of care needed.

 

             You should consider having a qualified elder law attorney review any long-term care insurance policy before purchase.  It is important that you understand the terms of the policy. 

 

Dated: 12/2006

NYS PARTNERSHIP FOR LONG TERM CARE

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