MetLife is the first carrier to offer redesigned New
York State Partnership for Long-Term-Care (NYSPLTC) insurance policies
to individuals in the state of New York. These policies were designed
to provide more long-term care options to a wide range of New Yorkers.
The goal of NYSPLTC-certified policies is to help protect the financial independence of New Yorkers who may need long-term care services. These are the only policies sold in New York that can provide a special "asset protection" feature. This feature assures that New Yorkers will not be forced to spend down all of their assets to become eligible for lifetime Medicaid coverage for long-term care services should they require them beyond the policy's benefit duration. Without a Partnership-certified policy, New Yorkers can only achieve similar protection against the costs of long-term care by purchasing lifetime or unlimited long-term care insurance coverage, something many New Yorkers may not be able to afford.
There are two types of redesigned policies that provide either total asset protection or dollar-for-dollar asset protection. Under Total Asset Protection policies, all assets are protected, therefore, individuals are not required to spend down assets to qualify for Medicaid. Under the Dollar-for-Dollar Asset Protection policies, assets are protected up to the amount of benefits paid.
"MetLife is excited to be offering this long-term care insurance program to New York residents" said Jodi Anatole, MetLife vice president, Long-Term Care. "The average cost of long-term care for New Yorkers is $22,967 per year for home-based care, $31,532 per year for assisted living facilities, and $97,940 for a semi-private nursing home room. These rising costs point out the importance for consumers to have options that will help to protect the assets they've accrued over their lifetime. We look forward to working with New York State to help individuals protect their assets and prepare for the future."
Other notable highlights of the MetLife program offering of New York State Partnership for Long-Term Care policies are:
-- Nurse Care Advisory Program - Experienced nurses are available to help participants answer questions and to help coordinate care
-- Total Asset Protection - All assets are protected, therefore individuals are not required to spend down assets to qualify for Medicaid
-- Dollar-for-Dollar Protection - Assets are protected up to the amount of benefits paid.
-- Tax credit - Participants receive tax credit on state income tax for long-term care insurance premiums paid
-- Tax-qualification - Policies are designed to be tax-qualified, which could bring tax advantages to both employers and employees
-- Variety of Choices - In addition to having a choice between Total Asset Protection and Dollar for Dollar Asset Protection, MetLife offers a wide range of options and flexible payment riders that individuals can choose from to customize their plan choice.
For more information about the NYSPLTC, consumers can call 1-888-NYSPLTC (697-7582) or visit the Web site at www.nyspltc.org.
MetLife, a subsidiary of MetLife, Inc. (NYSE: MET) is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Through its subsidiaries and affiliates, MetLife, Inc. offers life insurance, annuities, automobile and homeowner's insurance and retail banking services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions. Outside the U.S., the MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe. For more information, please visit www.metlife.com.
Neither MetLife nor its representatives or agents are permitted to give legal or tax advice. Any discussion of taxes included in or related to this document is for general informational purposes only. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances
The coverage advertised complies with New York State (NYS) requirements for participation in the NYS Partnership for Long Term Care Program (NYSPLTC). However, NYS and the NYSPLTC do not take part in specific insurer marketing plans, and do not endorse specific insurers or their policies/certificates.
The goal of NYSPLTC-certified policies is to help protect the financial independence of New Yorkers who may need long-term care services. These are the only policies sold in New York that can provide a special "asset protection" feature. This feature assures that New Yorkers will not be forced to spend down all of their assets to become eligible for lifetime Medicaid coverage for long-term care services should they require them beyond the policy's benefit duration. Without a Partnership-certified policy, New Yorkers can only achieve similar protection against the costs of long-term care by purchasing lifetime or unlimited long-term care insurance coverage, something many New Yorkers may not be able to afford.
There are two types of redesigned policies that provide either total asset protection or dollar-for-dollar asset protection. Under Total Asset Protection policies, all assets are protected, therefore, individuals are not required to spend down assets to qualify for Medicaid. Under the Dollar-for-Dollar Asset Protection policies, assets are protected up to the amount of benefits paid.
"MetLife is excited to be offering this long-term care insurance program to New York residents" said Jodi Anatole, MetLife vice president, Long-Term Care. "The average cost of long-term care for New Yorkers is $22,967 per year for home-based care, $31,532 per year for assisted living facilities, and $97,940 for a semi-private nursing home room. These rising costs point out the importance for consumers to have options that will help to protect the assets they've accrued over their lifetime. We look forward to working with New York State to help individuals protect their assets and prepare for the future."
Other notable highlights of the MetLife program offering of New York State Partnership for Long-Term Care policies are:
-- Nurse Care Advisory Program - Experienced nurses are available to help participants answer questions and to help coordinate care
-- Total Asset Protection - All assets are protected, therefore individuals are not required to spend down assets to qualify for Medicaid
-- Dollar-for-Dollar Protection - Assets are protected up to the amount of benefits paid.
-- Tax credit - Participants receive tax credit on state income tax for long-term care insurance premiums paid
-- Tax-qualification - Policies are designed to be tax-qualified, which could bring tax advantages to both employers and employees
-- Variety of Choices - In addition to having a choice between Total Asset Protection and Dollar for Dollar Asset Protection, MetLife offers a wide range of options and flexible payment riders that individuals can choose from to customize their plan choice.
For more information about the NYSPLTC, consumers can call 1-888-NYSPLTC (697-7582) or visit the Web site at www.nyspltc.org.
MetLife, a subsidiary of MetLife, Inc. (NYSE: MET) is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Through its subsidiaries and affiliates, MetLife, Inc. offers life insurance, annuities, automobile and homeowner's insurance and retail banking services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions. Outside the U.S., the MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe. For more information, please visit www.metlife.com.
Neither MetLife nor its representatives or agents are permitted to give legal or tax advice. Any discussion of taxes included in or related to this document is for general informational purposes only. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances
The coverage advertised complies with New York State (NYS) requirements for participation in the NYS Partnership for Long Term Care Program (NYSPLTC). However, NYS and the NYSPLTC do not take part in specific insurer marketing plans, and do not endorse specific insurers or their policies/certificates.
© 2006 Business Wire
