Many purchasers of long term care insurance are unaware of how the coverage compares to the actual cost of skilled nursing, rehabilitation, or custodial care. A new disclosure law goes into effect on January 1, 2009. Prior to or at the sale of New York long term care insurance, the insured must be informed of:
(A) The maximum daily and lifetime benefit levels, if applicable, provided by the policy or certificate for home care services and nursing home services;
(B) The percentage of coverage provided for home care services and nursing home services, if applicable, and an explanation of the methodology on which the reasonable charge used in conjunction with such percentage amount is based;
(C) A description of any inflation protection feature included in or available for purchase under the policy or certificate and the additional premium required to purchase such option or options; and
(D) The actual daily private pay rates for four rehabilitation facilities within the county.
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