There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however, the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between the AARP/New York Life plan and other companies. AARP’s Long-Term Care plan is underwritten by New York Life.
The AARP/New York Life Long-Term Care Insurance plan is available to AARP members who are health eligible for the program. New York Life pays a royalty fee to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP.
The New York Life/Secure Care AARP plan is one of the most expensive Long-Term Care Insurance plans available. While they do offer the possibility of earning plan dividends, it is not expected to offset the high cost of the premium. Otherwise, the policy features and benefits compare well with all the leading companies. Plus, New York Life is a highly rated and well-respected insurance company.
Premiums are calculated based on the benefits and options you select at the time of application. This calculation also includes your age, health, gender, tobacco use and discounts you might qualify for.
AARP/New York Life is certified as a partnership policy in most states. Find your state on the LTC NEWS MAP. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Features available with AARP/New York Life Long-Term Care include:
- Daily Benefits from $50 to $400 a day
- Option for Monthly Home Care Benefit
- Shared Care Benefit featuring a third pool of money
- Return of Premium Minus Claims
- Five different Inflation options
- Three elimination periods – 90, 180, or 365 days
- Caregiver training
- Home modifications
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by visiting LTC News Map - Find Your State.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.
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- Long-Term Care Insurance
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In 1894, the company became the first US-based insurance provider to offer life insurance to women at the same cost as men; social reformer Susan B. Anthony was one of the company's first female policyholders.