Your Advisor in Long Term Care Insurance in Long Island

Talk to Craig James Financial Services about long term care—before you need it.

Americans are living longer than ever, but no one is immune to the effects of aging. Due to elder frailty, stroke, MS, Parkinson’s, Alzheimer’s, spinal cord injury, cerebral palsy, accidents, or any other cause of reduced physical/mental ability, many Americans experience difficulty carrying out basic life activities, such as bathing, getting dressed, or even eating without assistance. While in-home care, nursing home care, or assisted living care exist to provide aid, these Long Term Care plans are unfortunately not covered by the vast majority of traditional health insurances. 


  • Long Term Care costs approximately $124,100 per year in New York’s Northern Metropolitan area and $142,350 per year on Long Island. [1]
  • 33% of people who turn 65 will need Long Term Care some time in their lives. [2] 
  • The risk of needing long term care increases as you get older. 

Long Term Care is not only relatively common, but also expensive, making it an important part of any retirement and late-stage financial strategy. Considering Long Term Care Insurance allows you to formulate your plans beforehand, such that in the case of an unfortunate onset of illness, you have an easy pathway to arranging and affording care. In addition to providing financial relief, planning in advance with Long Term Care Insurance may also help inform your family and healthcare provider about the kind of Long Term Care services you think you might need someday, how much they will cost, and how they should be paid for.

How Long Term Care Insurance Works:

Your application for Long Term Care Insurance is contingent on your medical records and health status. The degree of coverage is up to the policyholder, and premium amounts depend on your requested coverage, age, and overall health. It is commonplace for insurers to request medical documents. Premiums tend to increase as you get older, although once you buy a policy your premium will not increase due to aging or health. If you are already showing indicators that Long Term Care is necessary, you may not be approved for the policy, which is why it is extremely important to consider Long Term Care Insurance well in advance. 

For most Long Term Care plans, you become eligible for benefits only when you can’t perform two of six activities of daily living (bathing, caring for incontinence, dressing, eating, getting on or off the toilet, getting on or off a chair), or you suffer from cognitive impairment. After waiting through an “elimination period” (typically 90 days) in which you have to pay out of pocket for long-term care, the insurer begins to reimburse your costs of care.

While Long Term Care Insurance can be expensive, some tax deductions are available for policyholders as well, making it imperative to speak with a financial advisor before purchasing. Again, the best time to talk about long term care insurance is before you need it. Call 631.393.2888 now to schedule a complimentary consultation to review your risk management strategies and discuss whether Long Term Care Insurance has a place in your financial plan.