Male   Female
  • Does life insurance cover long-term care?
  • December 20, 2010
  • long term careBy LifeQuotes.com

    New York residents will now be able to use some of their life insurance policy to cover long-term care expenses, according to a press release.

    Governor David Paterson signed the legislation into law on December 14. The new law will allow people to use accelerated death benefits to pay for long-term care costs like nursing homes, changing the definition of “life insurance” to allow polices to cover senior citizens who have been in assisted-living facilities for a minimum of three months.

    “By passing this law, we no longer burden taxpayers with the long-term care expenses needed by the growing senior population and we’ve given thousands of seniors a creative and costsaving way to cover their care,” said state senator Jeff Klein.

    New York could save about one billion dollars in Medicaid costs over five years by passing the legislation, according to a report and senate proposal released by Klein in 2008. Over two million New Yorkers alone will need a variety of long-term care services by 2015, and the state already spends 23 billion dollars on long term care under Medicaid.

    Although this new change will benefit many, it won’t make a difference for those without coverage. A recent study by New York Life Insurance found that, while 42 percent of baby boomers surveyed said caring for an aging parent made them recognize the value of long-term life insurance, only nine percent of them actually owned a policy.

  • Category: Industry News, Life Insurance, Videos

Leave a Reply

Archives

About

Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at bob@lifequotes.com.

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates www.consumerinsuranceguide.com and www.lifequotes.com, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  


Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.
10.1.1.84