New York Life Long-Term Care Insurance Review

Most Experienced Company

There are many long-term care options available to seniors to help cover the costs of long-term care. New York Life Insurance was founded in 1845 and is one of the most experienced and financially stable companies. It is rated an A++, the highest possible rating, for its financial stability and offers both hybrid and traditional policies. There are three policy types available, ranging from all-in-one simple cover to highly customizable policies that can suit the needs of every senior. 

Overview of New York Life Long-Term Care Insurance

New York Life has a longstanding history of insurance with an excellent reputation for its financial stability and range of policies. The three long-term care insurance policies available differ in regard to a number of different features, including the maximum lifetime benefit, the monthly or daily benefit limit, benefit period, elimination period and eligibility criteria. 

How Much Does New York Life Charge for Long-Term Care Insurance?

New York Life long-term care insurance typically costs between $25 and $120 per month for their MyCare traditional plan. However, these costs can vary significantly from policy to policy depending on the person and the location. For example, for a 55-year-old married man on the MyCare policy, the cheapest plan would have a premium of around $25 per month and the most complete plan would have a premium of around $120 per month. 

The traditional and hybrid policies carry different associated costs and benefits. It’s hard to make an accurate estimate of the cost as each senior has unique needs. Therefore it is best to directly get a quote from New York Life. 

Eligibility, Plan Details, & Other Information

Eligibility

To be eligible for long-term care insurance, you must be between the ages of 35 and 75. Waiting too long to buy a policy can lead to larger premiums. Generally, applicants must be in good health and any seniors who are already in need of long-term care or home care are likely to be denied. Seniors with conditions such as Alzheimer’s, Parkinson’s, or MS are also likely to be denied or given a much higher cost. 

Marital status does not affect policies, but couples who both join do receive a 25% discount. 

Plan Details

MyCare Plan

The New York Life MyCare plan is a traditional plan that uses a monthly coinsurance model of reimbursement whereby the company will pay 80% of the monthly long-term care costs. This plan has no elimination period, meaning that you do not need to cover any of your own long-term care costs ahead of time before the coverage begins. It has a maximum lifetime benefit of between $50,000 and $250,000.

SecureCare Plan

SecureCare plan is a traditional plan that is more customizable. It has a daily reimbursement limit which means there is a limit to the amount you receive each month but it will only be up to the amount that your care costs and no more. This plan uses a deductible, an amount that you need to pay before your coverage starts, rather than an elimination period before the coverage begins. The deductible is between $4,500 and $21,000. It has a maximum lifetime benefit of between $50,000 and $250,000.

AssetFlex Plan

AssetFlex is a hybrid plan with fixed premiums and a combination of life insurance with provisions for long-term care needs. It has an elimination period of 90 days, where you will need to cover your own costs of care before the policy kicks in. This plan has a maximum lifetime benefit of up to $229,000 and a benefit period of up to 7 years.

Customization

All of the plans come with multiple riders and customization options. All three of the plans can include inflation protection riders and a waiver of premium riders, which enables you to continue receiving benefits regardless of if your premium is met. However, this is subject to certain conditions being met. For the AssetFlex plan, premiums can be paid in a lump sum or across an agreed number of years. For those on the AssetFlex plan, they may be offered a return of premium rider. 

Who Should Consider New York Life Long-Term Care Insurance?

Seniors looking for an experienced company they can trust

For seniors who seek to get an insurance policy from a trustworthy company with a long-standing reputation, New York Life was founded in 1845 and has the highest rating possible. By choosing a well-known and experienced company, seniors can ensure that their hard-earned money is in safe hands and they’re getting the best rates possible. 

Seniors seeking a highly customizable plan

The customizability of the policies makes them a great choice for seniors who have specific needs and requirements. The SecurePlan is highly customizable, with more choice and flexibility in the type of care you receive and where you receive it. The policy also allows individuals the ability to share the company’s success through declared dividends and they can use their benefits to reimburse family caregivers. The AssetFlex plan combines life insurance and long-term care insurance to allow maximum flexibility. meaning you’ll have cover for long-term care if you need it or a death benefit for your beneficiaries if you don’t. 

What Are People Saying About New York Life?

The overwhelming majority of people who have purchased an insurance policy from New York Life have been satisfied. Many noted that it’s a rock-solid company that is particularly suited to seniors due to it’s flexible policies for seniors up to the age of 90. Several reviewers also note that it’s a great choice for the less tech-savvy individuals who prefer to work with an agent rather than gather information online. 

For a company of its size, there are very few complaints about its services. The only downfalls that could be pointed out are that the website isn’t the most user-friendly and there is no mobile app. But it makes up for this with its broad selection of riders and the possibility of receiving dividends. 

Frequently Asked Questions