What is Long-Term Care Insurance?
Long-term care is provided to people who are unable to perform the basic tasks of everyday living independently due to chronic medical, physical or cognitive conditions, or disabling injuries.
Long-term care insurance covers long-term care services provided in a nursing home, at home, or in community-based settings, which Medicare, Medicare supplemental insurance (Medigap), and traditional health and disability insurance plans typically do not cover.
Two Types of Insurance
There are two general types of long-term care insurance in New York State: insurance sold under the New York State Partnership for Long-Term Care Program, and traditional, non-Partnership insurance. New York State provides an income tax credit for all tax qualified long-term care insurance policies to help more people afford this Long-Term Care insurance coverage.