NU Online News Service, Oct. 9, 2:15 p.m. – John Hancock Life Insurance Company, Boston, has introduced two versions of a new long-term care insurance policy designed to help clients receive care at home. Called Gold Coast Advantage and Gold Coast Advantage Partnership, both tax-qualified insurance policies also cover care in an adult day care center, a residential care facility or a nursing facility.

The state of California has approved the insurance policy for its long-term care partnership program, says Loida Abraham, second vice president of retail long-term care for Hancock. `

Features to help insureds to receive their care at home include a separate benefit pool that can be used to cover home modifications, durable medical equipment, caregiver training and home safety checks. The product also offers monthly home care coverage, to help clients manage long-term care expenses incurred at home that can fluctuate greatly from day to day. The benefit replaces the cap on daily expenses with a more convenient monthly cap.

The Gold Coast Advantage Partnership LTC policy also offers the state-guaranteed asset protection feature, which provides all the benefits of the core policy in addition to protecting insureds from having to shed assets to meet state-required levels to qualify for California’s Medi-Cal program.