Learning About Long-term Care Options Is Easier Than You Think.

Learning aboutlong-term careoptions iseasier thanyou think.Your guide to long-term careplanning after age 50.ICC18-1737276 1737276YL FF1119 AARPLTC Guide To LTC4 May 2020 10:17 AMunning digitally all green copy will appear as preprint on proofsAcct.ProductionVendorStudio6CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd1J. WinfreeDG3S. CaldwellA. RampsonPrints: CMYK, PMS 3Flat Size: 8” x 9;” FinisFolds: (v) 4”Stock: 80# Finch OpaComments: Set in re Score an9/14/204: Fold, sa

Table ofContents1Introduction to long-term careProtect the ones you love.2Understanding long-term care4Why plan now for long-term care?7A personalized approach8Choosing New York LifeYou’ve worked hard to save for retirement andmake sure you have the financial security you wantfor you and your family. And you’ve tried to plan forwhatever life may bring in the future. But even themost well-thought-out plans may not be enoughto prepare you for the high costs associated with aneed for long-term care.If you need long-term care in the future, it couldaffect your family and your finances. Planning forit now may help you maintain your lifestyle andminimize the impact on your loved ones andyour assets.This guide will help you begin to understandsome of your options and start planning what’sright for your specific needs. And as part of AARPLong-Term Care Options from New York Life,*our specially trained agents are also available toanswer questions and help you understand yourcoverage choices.* Products issued by New York Life Insurance Company andNew York Life Insurance and Annuity Corporation.11737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 2-39/14/20 4:48 PM

Understandinglong-term careWhat is long-term care?Long-term care differs from traditional medicalcare because it doesn’t generally involve treatmentof an illness or injury. Instead, it includes servicesdesigned to help you maintain your quality of lifeand perform everyday activities if age, illness, injury,or cognitive impairment make it challenging to takecare of yourself for an extended period of time. Forexample, it may include anything from help withdressing, bathing, eating, or other common dailyfunctions to skilled nursing services such as givingmedication.Where is care provided?Long-term care may be provided in a variety ofsettings, including at home, in an assisted-livingfacility, or in a nursing home. In fact, long-term careis often provided outside a nursing home — eitherat home or in a community setting. And dependingon the amount of care needed, it’s often providedon a part-time basis by a family member or homehealth worker.*How much does care cost?70% chance that someoneturning sixty-five will needsome form of long-term care.The cost of care depends on where you live and thetype of care needed. Many people start out needingjust a little help. A home health aide can come in forjust a few hours per week at an average cost of 23per hour. If needs increase and more full-time careis required, some people choose an assisted-livingfacility, which can average more than 56,000 peryear. If needs are even greater, a skilled nursing homemay be the best option, at an average cost of 103,000per year or more.††† .S. Department of Health and Human Services, 2018.*U† U.S.Department of Health and Human Services, 276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 4-5It’s common for a person to use a combination ofdifferent services that meet their needs over time.And since few people know their long-term careneeds in advance, it makes sense to plan for the costof care now to help protect your assets.†† New York Life Cost of Care Survey, cts/long-term-care-costs.39/14/20 4:48 PM

Why plannow forlong-term care?Protect your financial plans.Planning for long-term care needs now may helpyou avoid depleting your assets. It could free upmoney you’d otherwise need to set aside as a ‘justin case’ fund to be used for living costs or travel,entertainment, and other retirement expenses. Andit may help protect your family from bearing thefinancial responsibility of funding your care.Protect your family.Covering yourself may alleviate some of the stresson family members if they are confronted with issuesof caregiving, which can take a physical, emotional,and financial toll. And you’ll feel good knowing youare helping protect your assets for your spouseor family should you need care in the future.Protect your independence.Planning ahead may allow you to maintain morecontrol over how and where you receive care. It mayhelp give you the option to get care in a variety ofsettings, including in the comfort of your own home.And it may help provide the resources and flexibilityto choose the best care possible.Protect your ability to get coverage.You never know when you might need long-termcare. And if you wait to apply for coverage, you maynot qualify due to your health. It’s best to buy whenyou are younger, healthier, and more likely to beapproved. Costs are based on your age when youapply, so waiting can end up costing you more.41737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 6-79/14/20 4:49 PM

How will I pay for care?An unexpected need for long-term care servicescan disrupt even the best-laid financial plans.And many people are surprised to learn thatgovernment-run programs have limitations, andprivate health insurance doesn’t generally coverthese services.Medicare doesn’t cover extended care.Medicare coverage is designed to assist during ashort-term recovery and does not include longterm personal care or supervision services. In fact,Medicare may cover only a maximum of 100 days ofservices per benefit period after a hospital stay.*Medicaid requires that assets be depleted first.You must demonstrate financial need to qualify forlong-term care services through Medicaid. Thatmay mean paying out of pocket before Medicaidbegins paying benefits. Receiving services throughMedicaid may result in the state making keydecisions on your behalf, including where youreceive care.Self-funding is expensive.If you do not have Medicaid or another form ofcoverage, you may pay long-term care expensesout of pocket. The type and length of servicesneeded can be unpredictable, making it difficult toknow how much money you will require. Savingsand assets can be depleted quickly, leaving little fora spouse to live on or for family members to inherit.Long-term care coverage can help protectyour savings.You can help protect your independence, yourassets, and your family by planning for longterm care needs. There are a variety of optionsavailable, including long-term care insurance andlife insurance that allows you to use part of thedeath benefit in advance to help pay for care overan extended period of time.The cost of this coverage varies, depending on theoptions you choose and your age when you apply.That’s why it makes sense to buy when you areyounger and healthier, so you’ll pay a lower rate. .S. Department of Health and Human Services, aid-more/.51737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 8-969/14/20 4:49 PM

A personalizedapproachWhen planning for the future, you aren’t limitedto one type of protection or the other. You mayfind that a combination of coverage choices isthe best option. And a little coverage can be betterthan none.Whether you want to make smaller, monthlypayments or prefer to pay one lump sum, wehave flexible coverage options to fit your budget.Your New York Life agent can help by providingcustomized recommendations based on yourpersonal situation.The value of your New York Life agent.All agents are required to complete a rigoroustraining program, followed by continuing educationand professional development, to ensure that theyremain current on product offerings, industry news,and the latest techniques and solutions to help youreach your financial goals.In order to offer New York Life products to AARPmembers, your highly experienced agent is speciallytrained to understand the needs and concerns ofAARP members. Talk to your New York Life agenttoday about the long-term care options availableto you.71737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 10-119/14/20 4:50 PM

ChoosingNew York LifeThere for you.Your coverage is only as good as the company behindit. And with New York Life, you’ll have peace of mindknowing that your provider will be around when yourfamily needs it most.New York Life has the highest ratings* forfinancial strength currently awarded to U.S. lifeinsurers by the leading independent rating services:A A.M. BestAAAFitchAA Standard & Poor’s(highest rating)(highest rating)(second-highest rating)Aaa(highest rating)Moody’s InvestorsServiceLet’s get started.Now that you know the basics, talk to your New YorkLife agent about the available options. Once youdecide on a plan that best meets your family’s needs,you’ll enjoy the peace of mind that comes with it.* Individual Third-Party Ratings as of 10/1/19. Thisreport indicates the overall financial status of companiesat a particular date and is not a recommendation ofany specific policy provisions, rates, or ncies-say.81737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 12-1399/14/20 4:50 PM

Questions for Your New York Life Agent:1737276CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 14-15Notes:9/14/20 4:50 PM

The purpose of this material is solicitation of insurance. An insuranceagent may contact you. Policy forms ICC18-LTCD PLCY (0218), ICC18LTCDNC PLCY (0218), ICC18-LTCDNC-U PLCY (0218), ICC18-LTCD-UPLCY (0218), ICC18-LTCWP PLCY (0218), ICC18-LTCWPNC PLCY(0218), ICC18-LTCWPNC-U PLCY (0218), ICC18-LTCWP-U PLCY (0218),LTCD PLCY (0218), LTCWP (0218), ICC14-LTC6, LTC6, and any statespecifics are issued by New York Life Insurance Company (“NYLIC”),New York, NY. Policy forms ICC16-316-60P & ICC16-316-28R,ICC16-316-150P & ICC16-316283R, 316-60P & 316-284R, 316-150P& 316-283R, ICC13314-60, 314-60, 898-60, and any state-specific, areissued by New York Life Insurance and Annuity Corporation (“NYLIAC”),Newark, DE, a wholly owned subsidiary of New York Life InsuranceCompany. NYLIC and NYLIAC each have sole financial responsibilityfor their respective products. Premiums vary by issue age, and may beincreased in the future. Policy issue is subject to underwriting. A medicalexam may be required. The policies have exclusions and limitations. Forcost and complete details of the coverage, contact your agent or thecompany. The products offered through AARP Long-Term Care Optionsare available to the public.New York Life Insurance Company offers AARP Long-Term Care Optionsto eligible AARP members. New York Life pays royalty fees to AARP forthe use of its intellectual property. These fees are used for the generalpurposes of AARP. Neither AARP nor its affiliates are insurers, agents,producers or brokers. New York Life is the insurer for any insuranceproducts offered through AARP Long-Term Care Options.Find out moreabout thelong-term careoptions availableto you.Questions?Call New York Life at1-800-604-6169or visit us atltcnextsteps.com.15027 (8.17) SMRU 1737276 (02/21/2022)6CPT FF1119 AARPLTC GuidetoLTC AF CCR MC SC BRO.indd 169/14/20 4:

Long-term care coverage can help protect your savings. You can help protect your independence, your assets, and your family by planning for long-term care needs. There are a variety of options available, including long-term care insurance and life insurance that allows you to use part of the death benefit in advance to help pay for care over