Long Term Care

longtermcareLong Term Care insurance is a coverage designed to reimburse you for Nursing Home Costs and/or Home Health Care costs if you can no longer care for yourself due to chronic illness or prolonged disability. Typically, benefits become payable when the insured becomes cognitively impaired or unable to perform certain activities of daily living (such as bathing, eating, etc.).

Why Purchase Long Term Care Insurance?

Most of us will face long term care issues as we age. In fact, about 70% of individuals over age 65 will require some type of long term care during their lifetime. (National Clearinghouse for Long Term Care Information, US Dept. of HHS, September 2008). And the cost of long term care is high. For 2010, the estimated average nursing home rate in Western New York was just over $100,000/year; in the New York City area, the rate was over $130,000/year. (New York State Partnership for Long Term Care, nyspltc.org/rates). These costs are not covered by most health insurance plans, and Medicare provides only limited long term care coverage.

Without long term care insurance, you risk depleting the assets you’ve worked so hard to build. And purchasing Long Term Care insurance increases your chances of being able to obtain the long term care of your choice, whether in your own home or a nursing home. This insurance can also ease your concerns about burdening loved ones with unexpected care-giving duties in the future.

Long Term Care Insurance Options

Sellers & Co. can assist you in reviewing benefit amounts, benefit and waiting periods, as well as optional benefits to help you tailor a program to meet your needs.  For members of the Medical Societies and their spouses, Sellers & Co. is pleased to offer a 5% discount on Mutual of Omaha Long Term Care Policies.  Call us for details.

Sellers & Co. also offers “Partnership” policies that qualify under the New York State Partnership for Long Term Care. If you buy a Partnership policy and exhaust its benefits, you can apply for Extended Medicaid Benefits and still retain your assets.

(Information provided is a summary only. For complete terms and limitations, please refer to the applicable Certificate or Policy of Insurance. Specimen copies available upon request.)

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    AF, Physician, New York, NY

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    SB, Physician, Brightwaters, NY

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