New York residents who purchase and later use up three years of nursing home benefits, or six years of home care benefits, or a combination of the two, may apply for Medicaid and protect all their assets. While their income must be used toward their long term care, they are not required to spend their assets down to Medicaid's usual qualifying level. For a brief description, see Long Term Care Planning and Insurance . Don't neglect to check the financial stability of any insurer you are considering. Ratings give you an indication of the insurers' likelihood of being able to pay your claims in the future.
Several companies rate the financial stability of insurance companies.
You may call the following for a report on a specific insurance company. Weiss Research, Inc. All of the above may charge fees for this information. Consumer advocates suggest that you purchase long term care insurance from a company that has very high ratings from at least three rating firms.