New York Life Insurance Company has reaffirmed its commitment to the stand-alone long-term care insurance (LTCI) market by unveiling a new, stand-alone LTCI policy.
The company said Wednesday, in a press release, that it has designed the new NYL My Care policy to be a simpler, more affordable kind of LTCI policy.
The company said it has tried to hold coverage costs down by using cost-sharing arrangements common in major medical insurance plans, such as deductibles and coinsurance payment requirements.
The company has also borrowed a coverage richness “metal level” framework from the Affordable Care Act major medical market rules: The company is telling consumers that they can get bronze-, silver-, gold- or platinum-level LTCI benefits.
New York Life posted a video discussing the new LTCI policy family in July.
News about the new policies has been circulating on social media since at least early August.
What’s in the Policy?
In the press release, the company appears to be describing a bare-bones policy aimed at the individual market.
In the release, the company does not mention either simple or compound inflation protection options. Instead, the company says purchasers have the option to buy more coverage.