New York State Partnership for Long Term Care

 

The New York State Partnership for Long Term Care is a program that combines private LTC Insurance and Medicaid Extended Coverage, the purpose of the program is to help residents of NY prepare financially for the possibility of needing Long Term Care services (nursing home care, home health care, and assisted living). This allows residents who own a policy to still protect their assets and still remain eligible for Medicaid if their care exceeds the period covered by their private Long Term Care Insurance policy.

In addition to New York being one of the first states to participate in the Partnership Program, they also over a 20% tax credit. In 1997 the state of New York passed legislation for favorable state tax treatment of premiums paid for policies which qualify under the federal law and meet New York minimum standards. LTC premium tax credit legislation was passed in 2000 and took effect in 2002.

In 2004, additional legislation was passed increasing the tax credit for LTC Insurance premiums from 10% to 20% for taxable years beginning in 2004. Any policy covering Long Term Care services that was approved in NY and issued before January 1, 1997, also qualifies for favorable tax treatment with certain exceptions. In other words a taxpayer who pays premiums for a qualified LTC Insurance may claim a credit against their personal income tax, the credit is equal to 20% of their premiums paid during the tax year. Click here for instructions on how to claim for the LTC Insurance credit.

The minimum daily benefit for a NY Partnership policy is $253 for nursing home care and $127 for home and community based care effective January 2012.

The average costs of care on a daily basis in the state of NY are listed below:

Homemaker Services
$125
Home Health Aide
$138
Adult Day Care
$55
Assisted Living Facility
$122
Nursing Home, Private Room
$337
Nursing Home, Semi-Private Room
$325

*This information came from the Genworth 2012 Cost of Care Survey.

For further information Visit the New York State Partnership for Long Term Care Official Website.