How to Protect your Assets from a Nurse Home Event by Les Robinson

AMHERST, N.Y. - May 1, 2014 - PRLog -- One of the greatest potential risks faced by America's elderly is the need for long-term care. Long-term care insurance transfers a portion of the risk of long-term care expenses to an insurance company helping to protect you and your family from potentially devastating expenses.

The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program allows New Yorkers to protect their assets (depending on the insurance plan purchased), if their long-term care needs extend beyond the period covered by their Partnership LTC insurance policy.

What does this mean to you?

If you buy NYSPLTC insurance and use the benefits according to the conditions of the program, you can apply for MEC, which may assist in paying for your on-going care. Unlike regular Medicaid, MEC allows you to protect some or all of your assets, depending on whether you select a Dollar for Dollar Asset Protection plan or a Total Asset Protection plan. However, MEC does require that you contribute your income to the cost of your care according to Medicaid income rules.

How is the NYS Partnership a win-win situation?

NYSPLTC helps New Yorkers pay for their long-term care without having to “spend down” their assets, as they would have to do if they relied totally on Medicaid to pay for their long-term care. By allowing New Yorkers to keep what they've worked hard to acquire, and reducing Medicaid costs for the State, NYSPLTC provides a win-win scenario for everyone.

Les Robinson Video on Long Term Care

http://youtu.be/WzCg1Za8-Y0



Les Robinson CLTC

Long Term Care Specialist

Helping the commuity for over 20 years

www.lesltc.com

lrobinson@nwcins.com

716-634-5656 ext 3014