New York Long Term Care Insurance Partnership Costs Too Much For Many

The high cost for New York Long Term Care Insurance Partnership policies make far more affordable options well worth considering today according to the head of the American Association for Long-Term Care Insurance.
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New York


New York City - New York - US

NEW YORK - May 22, 2013 - PRLog -- A 60-year old couple applying for New York State's approved long term care insurance coverage could pay anywhere from $5,000 to $13,000 a year, roughly twice what good coverage from identical insurers now costs.

"The concept of the Partnership was to make coverage attractive to more middle income consumers but the onerous requirements now make this so costly that it is out of reach for the very consumers it was intended to benefit," declares Jesse Slome, executive Director of the American Association for Long-Term Care Insurance   Speaking to New York State insurance professionals, Slome noted he was an ardent supporter of the Partnership concept when it was first introduced in the early 1990s and was the first marketing consultant for the California Long-Term Care Insurance Partnership.

"Unfortunately an incredibly good concept that I once called 'the best kept secret ' in The Wall Street Journal has turned into a relic today because it has not kept up with the current economic environment," Slome explained.  The national long term care insurance expert noted that the New York State Partnership's own website says the average base policy premium in 2012 for a 60 year old individual was $3,979 and $4,862 for a 65 year old.  

"Most senior couples just are not able or willing to pay $10,000 or more a year," Slome explains "and the fact is they do not have to in order to put a sound long-term care insurance plan of protection in place."

According to the Association, a 60-year old couple each obtaining $220,000 of current coverage that will grow at three percent yearly will cost anywhere from $4,000 to $5,000 a year.   "For that 60-year couple, the $440,000 of immediate coverage for each will grow to almost $1 million of coverage for the couple when they reach age 85, and are most likely to need long term care services."

The organization director shared that rates for coverage from leading insurers varied significantly.  "Each company today has a sweet spot in terms of premium costs and health requirements," Slome shared.  "Consumers are increasingly aware of this and are  looking for professionals who can compare and offer policies from multiple insurers."

For long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization's website or call 818-597-3227.
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Tags:Long Term Care, Insurance, New York, Partnership
Industry:Consumer, Finance
Location:New York City - New York - United States
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