Chairman Herb Kohl (D-WI) has introduced a bill S.1177, the Confidence in Long-term Care Insurance Act, which will include curbs on premium spikes, ensure that agents receive training and make it easier for consumers to compare policies.
This bill aims to improve consumer protections for purchasers of long term care insurance and suggests that there is a profound recognition by the federal government of the important role of private long-term care insurance.
The State Partnerships for Long-Term Care Program, a program which allows individuals to purchase a long-term care insurance policy and qualify for Medicaid benefits without depleting all of their assets. This program is a win-win as consumers are afforded a first layer of protection through their private long-term care insurance policy, enjoy the flexibility and choice it offers, backed by the state Medicaid (MediCal, in California) program should they exhaust the benefits of their private long-term care insurance policy and otherwise qualify for Medicaid benefits.
This new legislation will provide a uniform way of handling claims, transferring policies between states and increasing premiums. Long-term care insurance should reflect standards set by the National Association of Insurance Commissioners.
A long-term care specialist has the additional education and training (LTCP, CLTC) necessary to assist you in your long-term care financing, planning and insurance.
What is Long-Term Care?
Thursday, June 4, 2009
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