Originally Published by New York Life.
A new long-term care solution announced by New York Life, NYL My Care, promises to make the purchase of long-term care insurance simpler and more affordable. The innovative product features design concepts familiar to purchasers of other types of insurance, including a deductible and co-insurance, and offers the benefit of a dividend , which can help offset future premiums. NYL My Care clients will also benefit from the peace of mind that comes from working with a mutual life insurance company with the highest available financial strength ratings.
“New York Life is committed to helping people plan for the future, which includes protecting themselves and their loved ones from the financial burden of an extended health care event,” said Aaron Ball, vice president, New York Life Long-Term Care. “NYL My Care’s simpler, first-of-its-kind product design will help more people understand, access and afford the protection they need against the potential cost of long-term care.”
NYL My Care covers a wide range of long-term care needs, including home care, community-based care and facility care, and offers four pre-designed plan levels (as shown in Table 1): bronze, silver, gold and platinum. Customers can easily choose the level of coverage that’s right for their personal situation and risk tolerance, and can further personalize their plans through riders and customized options. They also have the option to increase their coverage in the future.
Additional NYL My Care benefits include:
- Return of premium up to age 65
- Waiver of premium after deductible is satisfied
- Access to care planners
- Coverage increases up to age 70
- Coverage for in-home support equipment
- Client loyalty discount
NYL My Care adds to New York Life’s existing suite of long-term care and chronic care planning solutions, which includes a linked-benefit life and long-term care policy, a chronic care rider, and NYL Secure Care, an additional stand-alone long-term care insurance policy, which remains available.