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BTEIF Long Term Care
Most people are not prepared for the demands of long term care. But talk to anyone about long term care and you will probably hear a story ….about a spouse, parent, aunt or brother whose life was changed because of emotional and financial drain of needing long term care or because of taking care of someone who needed long term care.
The bottom line is long term care is expensive throughout the United States. The cost of long term care is staggering. According to the New York Partnership for Long Term Care, the average cost for a year in a Nursing Home in 1997 was $74,000 in New York State; $88,000 per year in the metropolitan New York City region.
The cost of home health care can equal or exceed the cost of a nursing home stay (U.S. Department of Commerce - 1997). 70% of single people and 50%of couples with one partner requiring long term care become impoverished within one year (Business & Health Magazine - 1997). 55%of those who enter a Nursing Home will stay at least one year; the average Nursing Home stay is 2 years (U.S. Department of Commerce - 1997).
More than 7.5 million people in the U.S. require some kind of care at home. For every person in a nursing home there are five more who receive home health care (U.S. Department of Commerce - 1997).
One in four people may need long term care during their lifetime (National Center for Health Services - 1996). The BTEIF's Solution - A New York Partnership Long Term-Care Insurance Policy: In general, Medicaid or State welfare assistance will cover long term care, but only after you have spent all but $3,000 of your personal resources, including income and assets. However, this New York Partnership Policy 's Medicaid Extended Coverage allows you to protect an unlimited amount of assets and still be eligible for New York Medicaid.
The BTEIF, in conjunction with the Travelers and other long-term care insurance carriers, offers dependable long-term care insurance programs at exclusive group discounted rates, providing benefits for a wide range of facilities and services, including nursing homes, home health care, adult day care and assisted care living facilities. The BTEIF also offers a long term care insurance policy that is called "Qualified" for Federal tax purposes.
The BTEIF has negotiated a group discounted long-term care insurance program which allows Syracuse Builders Exchange and BTEIF member employers, employees, spouses, and family members to receive group discounted long-term care insurance plans specifically designed by the insured, with the assistance of a qualified long-term care specialist to meet the insureds' needs.
For more information about the BTEIF's long-term care insurance programs and group discounted rates, please call the BTEIF at (315) 437-9284.