Six Factors Influencing
Premium Costs for
Long Term Care
Insurance
Type of Policy: Facility,
Home Health Care, or
Comprehensive
No matter what age you are
now, it's doubtful that you
will pay more over your
entire life in total premiums
for long term care insurance
than you would pay for only
a one year stay in a nursing
home.
The cost of nursing home
care has risen at an
average rate of 6% per year
for the last 15 years.
Today's (2016) average
cost of care in New
York is about $41,000,
but inflation rates will propel
this cost much higher. An
average inflation rate of 6%
over the next twenty years
would more than triple the
cost of nursing home care.
Benefit Limit: The number
of years that a plan will pay
a benefit from the time you
get sick. Benefit limits
generally vary from one year
to lifetime coverage. The
longer the benefit limit, the
greater the protection but
the higher the cost.

Inflation Protection:
Sometimes called an
"inflation rider", this provides
you with a way for your daily
benefits to increase over
time. Otherwise, the policy
may not be sufficient to
protect you many years from
now. Long term care
insurance policies normally
contain riders offering
automatic daily benefit
increases of 5 percent each
year, either at "simple" or
"compounded" rates.

Elimination Period:
Amount of time that you
agree to pay out of your
own pocket before the plan
(policy) begins to pay. This
period normally varies from
0 to 100 days. The 100-day
elimination period will
produce the smallest
premium cost to you.
Daily Benefit: The
maximum amount a policy
will pay for one day of care.
This can vary from $50 per
day to over $400 per day.
You will decide whether to
purchase sufficient
insurance to cover all of
these costs or only most of
them.
Age: The most important
element in determining the
premium. Naturally the
earlier you start paying for
long term care insurance the
better.
914-276-6000
800-498-1819
Click on the link below for
a New York Long Term
Care Insurance quote form.
(914) 276-6000
(800) 498-1819 toll free
(914) 401-9319 fax

Group Benefits
Direct Access
Direct Access Group Benefits, Inc.
© 2004, All Rights Reserved
189 Route 100
PO Box 590
Somers, New York 10589
Westchester County, NY
Westchester County New York Insurance Agency