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Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group
 

Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group

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Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Skloff Financial Group

Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Skloff Financial Group

Skloff Financial Group
http://www.skloff.com/services-ltci.htm

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    Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group Top 6 Most FAQs New York State Partnership for Long Term Care 2012 - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group Presentation Transcript

    • New York State Partnership forLong Term Care – Top 6 Most FAQs www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 1. Will my New York State Partnership for Long Term Care (NYSPLTC)policy pay for long term care inside and outside of New York?Answer 1. Yes. NYSPLTC policies will pay for long term care both inside andoutside of New York. www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 2. After using up my NYSPLTC policy’s benefits, can my assets still beprotected away from Medicaid?Answer 2. Yes. On June 1, 2012, New York State joined with National ReciprocityCompact for the recognition of Medicaid Asset Protection for member states withDeficit Reduction Act (DRA) long term care partnership programs. Asset protectionoutside of New York State is limited to Dollar for Dollar – for every dollar of careyour policy pays, a dollar of assets is protected away from Medicaid. Importantly,the asset protection reciprocity is retroactive for all NYSPLTC policyholders. www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 3. Which of my assets are not protected under the NYSPLTC Total Asset50 or Total Asset 100 programs?Answer 3. None. An unlimited amount of your assets are protected under bothversions of the Total Asset 50 (often referred to as 3/6/50) and Total Asset 50(often referred to as 2/4/50) or the Total Asset 100 (often referred to as 4/4/100)programs. This includes your cash, savings accounts, investments accounts,401(k)s, 403(b)s, 457(b)s, 529s, IRAs, homes, art collections, inheritances, lotterywinnings – literally, unlimited asset protection. www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 4. Are my assets protected outside of New York?Answer 4. Yes. An unlimited amount of your assets are protected both insideand outside of New York. For example; this includes your condominium in NewYork, NY, house in Westchester, NY and vacation homes in Naples, FL, Maui, HIand San Diego, CA. www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 5. What key benefits must be included in a NYSPLTC policy versus a non-NYSPLTC policy?Answer 5. A NYSPLTC insurance policy must cover your long term care costs in anursing home and your own home versus many policies that only cover care in a facility(e.g.: only a nursing home). A NYSPLTC Total Asset 100 insurance policy must provideminimum daily benefits of $253 in 2012 ($265 in 2013) in both a nursing facility and yourown home. A NYSPLTC Total Asset 50 insurance policy must provide minimum dailybenefits of $253 in 2012 ($265 in 2013) in a nursing facility and $127 in 2012 ($133 in 2013)in your own home. The minimum annual Nursing Home Care Bed Reservation benefit for aNYSPLTC policy is 20 days. www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 6. Are there any risks if I delay purchasing a NYSPLTC policy?Answer 6. Yes. Since NYSPLTC polices require 5% greater benefits eachyear, delaying your purchase means buying 5% greater coverage each year(e.g.: $265 in 2013 versus $253 in 2012). Insurers increase pricing on newpolicies for older applicants, reflecting the higher probability that you willneed long term care sooner. The combination of these two factors can addgreatly to the cost of a policy. (continued on next slide) www.skloff.com
    • New York State Partnership for Long Term Care - Top 6 Most FAQsQuestion 6. Are there any risks if I delay purchasing a NYSPLTC policy?Answer 6. Yes. Independent of your birthday, insurance companies can(and often do) raise rates for new applicants, subject to approval from theNew York State Insurance Department. The combination of these threefactors can add greatly to the cost of a policy. Lastly, your health is likely todeteriorate over time, placing you in a higher price health class orentirely disqualifying you from purchasing long term care insurance. www.skloff.com
    • Free Long Term Care Insurance Quoteswww.skloff.com/services-ltci.htm www.skloff.com