New York Life Long-Term Care Insurance

Long-term care costs are not exactly something a lot of people start to really think about until they are closer to the age where they foresee needing the care. Unfortunately, these costs can quickly drain one’s retirement savings. Long-term care is not typically covered by private medical insurance or major medical insurance plans. Healthcare costs are one of the biggest reasons why many elderly Americans lose their finances and assets. By getting long-term care insurance, you not only minimize the financial and emotional impact of needing long-term care, but also relieve your family members of possibly needing to share that burden with you. Long-term care insurance policies are meant to preserve one’s lifestyle and help that person decide how their long-term health care needs will be met as they come up.

New York Life is a reputable long-term insurance company that is well-praised for their exemplary customer service. They employ highly trained insurance professionals to ensure that consumers end up with the best long-term care insurance for their needs. These employers are also great with answering questions people may have. No matter what your needs are, New York Life offers a good amount of options for long-term care insurance. The AARP (senior consumer advocate organization) also gives NYL insurance to members at a special group rate.

Coverage

New York Life has several long-term care insurance lines, including NYL LTCSelect Premier, NYL My Care Long-Term Care Insurance, NYL Secure Care, and NYL Asset Flex.

New York Life LTC Select Premier covers care in home, assisted living facilities, as well as short-term and long-term nursing homes. There are several riders to choose from if you go with this plan, including an inflation protection rider designed to help benefits keep up with expenses in the future. This long-term care policy reimburses you for the cost of care up to a daily maximum, which is set when you purchase the plan. There is a waiting period before you can collect benefits, and that period is also determined at the time of plan purchase. Policyholders can file claims under this plan if they are unable to execute two or more daily living activities on their own, or if they suffer from severe cognitive impairment.

NYL My Care Long-Term Care Insurance was introduced in September of 2018 to give affordable long-term care insurance so that more people can get long-term care insurance. This line of policies start with a choice of four plans, with lifetime benefits ranging from $50,000 to $250,000. Deductibles range from $4,500 to $21,000. Monthly premiums depend on age, but if you are 55 years old, you can expect to pay about $25. It is also possible to add riders to modify your policy. My Care covers long-term care costs incurred in your home or a facility, and also covers in-home medical support equipment.

NYL Secure Care will pay for professional long-term care in pretty much any setting, even if you are getting care from a family member or close friend. This long-term care policy pays dividends after ten years, which are used to lower premiums. Should you pass away before dividends run out, the remainder would lay over to your designated benefactor.

Last but not least, NYL Asset Flex combines LTC insurance, life insurance, and a money-back guarantee. It covers long-term care when you need it. If you use only part of it or none of it, then your family would receive a life insurance payout when you pass away. As for premium payments, it’s possible to pay in a lump sum or set up annual payments over five or ten years. The value of your policy goes up dramatically after you pay your premium.

Pricing

The pricing for New York Life’s long-term care insurance is not readily available on their website as they do not even provide online quotes. It would also greatly vary depending on which line of LTC insurance you choose as outlined above, and other factors like age, state of health, place of residence, and gender, to name a few. To find out more, we advise speaking with a NYL professional who can provide you with more pricing information based on what you are looking for.

What Customers Think

New York Life has an A+ rating with the Better Business Bureau. Its customers like that there are many long-term care insurance policies to choose from. As mentioned earlier, their customer service is unparalleled, and the company overall holds high ethical standards. There is a wonderful selection of riders to fine-tune benefits and cost, which gives customers the freedom to truly customize their plan to fit their needs. One down side of NYL is that they do not provide quotes online. As a result, people casually shopping around for long-term care insurance on the Internet won’t be able to easily get an estimate of how much they could expect to pay if they chose NYL as their insurance provider. To get more information, you would have to fill out their website’s online form with your contact information, and wait for a local NYL insurance professional to get in contact with you. Alternatively, you can also call the number on the website, or the local NYL office directly.

Conclusion

It is hard to predict what kind of health you will be in years from now. So, it is always smart to err on the safe side and get a long-term care insurance policy that will have your back and help you plan for the future. With long-term care insurance, you and your family members will have peace of mind that your retirement savings won’t be drained from a serious medical issue that may come out of nowhere, or potentially losing all your valuable assets. With so many flexible options NYL offers, you will most likely find a policy that will suit your budget and needs well. The company is committed to providing the best for customers, and has stellar financial strength ratings.