What is Long Term Care?

Long Term Care benefits is the type of care you need if you can no longer take care of yourself and need help with activities of daily living (ADL's) which we normally take for granted.

Where is this type of care administered?

Depending on the level and amount of care needed, you may receive it in your own home, an assisted living facility, and adult day care center, or in a nursing home.

What are the Levels of Care?

There are three levels of care that you may receive: Skilled, Intermediate, or Custodial Care.

Who may need Long Term Care?

60% of people who reach age 65 may need Long Term Care benefits at some point in their life.¹ 40% of people receiving long-term care are between ages 18 and 64.¹ 25% of America's 22.4 million families provide care to elderly relatives.²

How much does Long Term Care cost?

The average cost per year for nursing home care can be as high as $93,000.² Costs vary by local. Extensive 24 hours a day home care can cost as much or more than a nursing home.³

1. America’s Health Insurance Plans, “Guide to Long Term Care Insurance” 2004
2. NY State Partnership for Long Term Care, 2003
3. Congressional Budget Office, “Financing Long-Term Care for the Elderly”, April 2004

What help does Major Medical, Medicare, and Medicaid provide?

Major medical insurance and Medicare, as well as Medicare supplements, are designed to pay for hospital, physician, surgical, rehabilitation, outpatient and treatment expenses. These coverage’s were never designed to pay for long-term care. They cover long-term care when it is at the skilled level (acute care requiring nurses).

Medicaid does pay for long-term care at the custodial level. However to qualify for Medicaid you must spend down your assets to your states required levels, each state has different spend down requirements. The requirements can be as low as $3600 of savings and investments and no home.

What are your options to pay for Long Term Care?

To pay for long-term care you can use your own savings, qualify for government assistance by "spending down" assets, or depend on private insurance to transfer the risk.

What can a Long Term Care Insurance Policy do?

A long-term care insurance policy can help protect your assets from the rising cost of care, allowing you to remain financially and socially independent.

How Much Does a Long-Term Care Insurance Policy Cost?

There are several factors that go into determining the cost of a Long Term Care Insurance policy:

1. age
2. health
3. daily benefit amount
4. benefit period
5. riders and options

With all of these factors taken into account, most Long Term Care Insurance policies range in price and less expensive than you might think.

What is the New York State Partnership Program?

It is a contractual partnership between you, the resident of New York State, the insurance company, and the State of New York. The New York State Partnership for Long Term care is a unique program combining private long term care insurance and Medicaid Extended coverage. Its purpose is to help New Yorkers financially prepare for the possibility of needing home care, assisted living care, or nursing home care services someday. The Program allows New Yorkers to protect some or all of their assets (depending on the insurance plan purchased), if their long term care insurance extends beyond the period covered by their private insurance policy.

We have combined over 20 years of experience assisting New York state Residents in understanding the various ways to protect their families against the problems associated with a Long Term Care Illness. Our Company prides itself on educating state residents on the facts and have designed over 1000 Long Term Care Insurance contracts, 85% enrolled through the New York State Partnership Plan.

We continue to work with and educate advisors, accountants, attorneys, business owners, and organizations about the facts. Insurance is not for everyone, but the FACTS are.

In order to more fully assess your particular situation we would like to make ourselves available to you for a complimentary consultation. We will work with you to determine if Long Term Care Insurance is right for you, and if so, what insurance policy best meets your needs. Of course, this service is without cost or obligation.

Mintco Financial™ Inc.

Specializing in
Long Term Care Planning
4444 Main St.
Buffalo, NY 14226
(716) 565-1300

The coverage advertised complies with New York State (NYS) requirements for participation in the NYS Partnership for Long Term Care Program (NYSPLTC). However, NYS and NYSPLTC do not take part in specific insurer marketing plans, and do not endorse specific insurers or their policies/certificates.

105-01242007-12675612