(a) Nursing home and home care insurance is an insurance policy, rider, or certificate advertised, marketed, offered or designed to provide coverage, subject to eligibility requirements, for not less than 12 consecutive months for each covered person on an expense incurred, indemnity, prepaid or other basis and which provides at least the benefits set forth in paragraphs (1) and (2) of this subdivision:

1. (1) coverage of custodial care services of at least $50 a day while confined in a nursing home; and
2. (2) coverage of custodial care services of at least $25 per day in a private home.