Better deal for co-op and condo owners.

Co-op and condo owners could soon qualify for discounted long-term care insurance.

The insurance isn't always necessary and often it doesn't make sense to purchase a policy until you're older. But sometimes, it can be a lifesaver.

For Jeanne Brutman, an agent of Cowan Financial Group, seeing two generations of family take care of disabled relatives was enough to make the issue personal. Her father became chronically disabled in his 40s and her grandfather also suffered from chronic disabilities.

"My mom took care of my dad till he died," Brutman said. "My grandmother took care of my grandfather."

Now Brutman hopes to give New York co-op and condo shareholders a better deal through a plan that gives them 10 percent discounts on their long-term care insurance.

She's gained crucial support from Gregory Carlson, executive director of the Federation of New York Housing Cooperatives and Condominiums, who recently endorsed her plan and said he would recommend it to the federation's board of directors.

According to Carlson, the insurance would be one of many benefits afforded to co-op and condominium owners.

"We are slowly putting together a membership service package for our members," Carlson said. "This will be the last piece on the insurance end."

Homeowners without such insurance often have to sell their homes to pay for their loved ones care. Carlson said he recognized other homeowners can be forced into repossession.

Brutman said the pressure of taking care of an ailing relative can make one's own life extremely difficult.

The alternative is, of course, to pay for outside care. But while Medicare may cover the costs of medication and hospitalization, Medicare and health insurance do not cover non-medical care in areas such as dressing, grooming and bathing. And Medicare only is available to those 65 or older.

According to a Consumer Reports article published Nov. 3, the average cost of long-term care in a nursing home is $181 a day or $66,000 a year. Most families cannot this expense, hence the need for long-term care insurance.

So is long-term care insurance really a good deal? Not always. The Consumer Reports article stated that a consumer can frequently run into difficulties with long-term care insurance. A company going out of business; insufficient coverage to cover the costs of drugs and insurance; premiums escalating as you age, paying for years on benefits you're not using; not qualifying for "medically necessary" coverage and a requirement on a number of days an insured person must pay out of his or her own pocket can be just some of the difficulties a consumer can encounter.

The magazine outlined important criteria to use when considering the purchase of a long-term care policy, including not buying coverage until age 65, unless one has a chronic medical condition, and buying only from a financially sound company. The magazine recommends companies only with a "B-plus or better" financial rating.

The company whose insurance Brutman sells, Massachusetts Mutual, is judged by Moody's Investors Service as "Aa1," which means it's long-term rating is high with very low credit risk. The Mass Mutual insurance will be available to co-op and condo owners if Carlson's recommendation to the boardapproved.

Those owners who purchase such a policy are advised to find out about all applicable costs of care that will need to be covered by insurance and to buy a flexible policy that only requires one be unable to function in two areas of daily living before coverage can take effect.

One also can purchase plans, which will refund some of the money paid if the policy is never used and in some situations, obtain tax deductions as a result of paying premiums.

Kenneth Rubenstein, a New York estate planning attorney, said many of long-term care insurance's covered services might be covered by Medicare or Medicaid.

However, Rubenstein added, long-term care insurance might be a good buy because under Medicaid an individual must be impoverished. "You (also) can get better quality Care than Medicaid," he said.