Paying For Healthcare

Long-Term Care Insurance

Long-term care insurance is a type of policy that can help someone with a chronic illness obtain the services needed for an extended period of time. Covered services can be provided in the home or in an institutional setting. Some examples of care that might be covered under this kind of insurance range from personal care like bathing, dressing, or grooming while still at home to nursing home care.

Long-term care insurance should be purchased before a health problem arises as that may affect the ability to acquire a policy. Know also that the cost of this premium increases with age. The older the first-time purchaser is, the higher the premium will be.

A financial planning advisor or independent insurance broker can help you identify the policy that best meets your needs. The National Association of Insurance Commissioners offers a `Shopper's Guide to Long-Term Care Insurance' that can be helpful. The Guide can be obtained by calling 1-816-783-8300 or visiting online at www.naic.org.

New York State has an innovative insurance program which combines long-term care insurance and Medicaid. For more information on this program, visit the New York State Partnership for Long-Term Care at www.nyspltc.org.

Federal employees and their spouses are eligible for coverage under the Federal Long-Term Care Insurance Program. For more information, call 1-800-582-3337 (1-800- 843-3557 for TDD/hearing-impaired) or visit www.ltcfeds.com.