{"id":41632,"date":"2026-07-20T17:46:19","date_gmt":"2026-07-20T21:46:19","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=41632"},"modified":"2026-07-20T17:46:19","modified_gmt":"2026-07-20T21:46:19","slug":"long-term-care-planning-in-new-york-why-waiting-can-limit-your-options","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2026\/07\/long-term-care-planning-in-new-york-why-waiting-can-limit-your-options\/","title":{"rendered":"Long-Term Care Planning in New York: Why Waiting Can Limit Your Options"},"content":{"rendered":"
\"\"
Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers<\/figcaption><\/figure>\n

By Brian M. Johnson, MBA, CLTC<\/p>\n

Ask most Capital Region residents about retirement planning, and they\u2019ll likely talk about 401(k)s, IRAs, Social Security, investment portfolios, or estate planning.<\/p>\n

Ask about long-term care planning, however, and the conversation often becomes much quieter.<\/p>\n

That\u2019s surprising considering that long-term care may represent one of the largest financial risks facing retirees today. Whether care is received at home, in an assisted living community, or in a nursing facility, the costs can have a significant impact on retirement savings and family finances.<\/p>\n

In New York, those costs are among the highest in the nation. According to Genworth and CareScout\u2019s most recent Cost of Care Survey, the median annual cost of a home health aide in New York is approximately $77,792, assisted living costs roughly $75,600 annually, and a semiprivate nursing home room costs approximately $176,660 per year.<\/p>\n

For many families, the challenge isn\u2019t simply paying for care; it\u2019s understanding their options before a health event occurs.<\/p>\n

Why Waiting Can Reduce Your Options<\/p>\n

One of the biggest misconceptions about long-term care planning is that it can be addressed later. The reality is that many planning options depend on both age and health. Traditional long-term care insurance and many hybrid long-term care solutions require medical underwriting. As people age, premiums generally increase, and certain medical conditions may limit eligibility or reduce available choices. A strategy that may be available at age 55 could be unavailable at age 70 following a major health diagnosis. That\u2019s why many financial professionals encourage clients to begin evaluating long-term care funding options in their 50s and early 60s, while they are still healthy and insurable.<\/p>\n

<\/span><\/span><\/b><\/span><\/span>A Capital Region Perspective<\/p>\n

Long-term care costs aren\u2019t just a concern downstate. The Northeastern Region\u2014which includes Albany, Saratoga, Schenectady, Rensselaer, Warren, and Washington counties\u2014has average nursing home costs of approximately $177,396 annually. For a married couple, a prolonged care event can significantly affect retirement income, investment assets, and legacy plans.<\/p>\n

Long-Term Care Planning Has Changed<\/p>\n

Many New Yorkers still view long-term care planning through assumptions that were accurate 15 or 20 years ago. For decades, Partnership policies were viewed as a unique planning tool because they combined private insurance benefits with Medicaid asset protection. However, New York State currently has no insurers offering new Partnership-qualified policies for purchase, although existing policyholders retain their benefits.<\/p>\n

The Rise of Hybrid Long-Term Care Solutions<\/p>\n

One of the most notable developments in recent years has been the growing popularity of hybrid long-term care policies. These solutions generally combine life insurance and long-term care benefits into a single strategy. If qualifying long-term care services are needed, benefits may be used to help pay for care expenses. If care is never required, a death benefit may be paid to beneficiaries.<\/p>\n

Potential Advantages of Hybrid Solutions<\/p>\n

Benefits available for home care, assisted living, memory care, or nursing home care; predictable premium structures; a dedicated pool of assets designated for future care needs; preservation of retirement assets for a spouse or family members; and a death benefit if long-term care services are never needed.<\/p>\n

Understanding Medicaid\u2019s Role<\/p>\n

Medicaid remains a critical source of long-term care funding for many Americans. However, Medicaid eligibility rules can be complex and are subject to ongoing policy discussions and regulatory changes. Individuals considering Medicaid planning strategies should consult qualified elder law attorneys regarding asset transfers, trusts, look-back provisions, and other legal considerations.<\/p>\n

The Goal Isn\u2019t Insurance. It\u2019s Choice.<\/p>\n

Long-term care planning is often viewed through a financial lens, but the real objective is choice: where care is received, who provides that care, how retirement assets are used, and whether family members become caregivers by necessity rather than preference.<\/p>\n

Five Questions Every New Yorker Should Ask About Long-Term Care Planning<\/p>\n

1. If I needed care tomorrow, how would I pay for it?<\/p>\n

2. Would I prefer care at home, assisted living, or a nursing facility?<\/p>\n

3. How would a long-term care event affect my spouse\u2019s retirement security?<\/p>\n

4. Have I explored both traditional and hybrid long-term care solutions?<\/p>\n

5. Have I consulted qualified legal and financial professionals regarding Medicaid and asset protection strategies?<\/p>\n

Brian Johnson is a Senior Business Development Advisor at AIB in Clifton Park, New York, specializing in long-term care planning, traditional long-term care insurance, and hybrid long-term care solutions. He works with individuals, families, and business owners throughout New York to help them evaluate strategies for addressing future long-term care expenses.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

By Brian M. Johnson, MBA, CLTC Ask most Capital Region residents about retirement planning, and they\u2019ll likely talk about 401(k)s, IRAs, Social Security, investment portfolios, or estate planning. Ask about long-term care planning, however, and the conversation often becomes much quieter. That\u2019s surprising considering that long-term care may represent one of the largest financial risks […]<\/p>\n","protected":false},"author":89,"featured_media":36043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-41632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-50-plus"],"yoast_head":"\r\nLong-Term Care Planning in New York: Why Waiting Can Limit Your Options - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2026\/07\/long-term-care-planning-in-new-york-why-waiting-can-limit-your-options\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Long-Term Care Planning in New York: Why Waiting Can Limit Your Options - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Brian M. Johnson, MBA, CLTC Ask most Capital Region residents about retirement planning, and they\u2019ll likely talk about 401(k)s, IRAs, Social Security, investment portfolios, or estate planning. Ask about long-term care planning, however, and the conversation often becomes much quieter. 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