However, if you choose an inflation protection rider, your premiums may increase. In addition, the rate could change with approval of the New York State Insurance Department. Such a change in rates would apply to a policy even if it was purchased prior to the rate change. Individual Most policies sold in New York are individual policies sold by agents or through the mail. You must pass medical underwriting and pay an individual premium, based on your age at the time you purchase.
Premiums vary from company to company.
The New York State Insurance Department defines long term care insurance as only those policies that offer coverage for not less then 24 consecutive months in either nursing homes or in-home care. The New York State Insurance Department publishes a free consumer booklet describing all long term care insurance sold in New York. Your spouse and parents may be eligible to buy into this group plan. Applicants must pass medical underwriting. New York residents who purchase and later use up three years of nursing home benefits, or six years of home care benefits, or a combination of the two, may apply for Medicaid and protect all their assets.