Author: Andrea Miller
Reviewed By: Kristi Bickmann

NY Life long-term care insurance covers assisted living. The company offers three LTC plans that pay for the cost of this type of care.

What LTC insurance plans are available through NY Life?

LTC insurance plans available through NY Life include My Care, Secure Care and Asset Flex. My Care covers up to 80% of LTC costs, pays dividends and provides discounts for spouses who purchase policies together. Secure Care pays up to $250 per day toward assisted living care, depending on the exact plan. 

Asset Flex is a hybrid life and LTC insurance product from NY Life. You pay one premium that includes both a payout to your beneficiaries and the option to cover assisted living or another form of LTC. 

What does LTC insurance coverage typically include?

LTC insurance coverage typically includes a set daily or monthly amount toward the cost of care. It reduces how much you’ll need to pay out of pocket for assisted living, which has a median cost of $4,500 per month, according to the Genworth Cost of Care survey.

Most LTC insurance providers begin paying the assisted living benefit when you file a claim showing that you need help with two or more activities of daily living, such as dressing and bathing. Your health care provider must attest that you can’t do these things yourself for medical reasons.