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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 7, 2013 09:08 AM |
|---|---|
| From: | Representative Phyllis Mundy |
| To: | All House members |
| Subject: | Reintroduction of Legislation: Consumer Protections for Long-Term Care Insurance Policies (Formerly HB 229 of the 2011-2012 Legislative Session) |
| I will soon reintroduce legislation to protect consumers of long-term care insurance in the Commonwealth – both in terms of the premiums they pay as well as the benefits they receive. My legislation, which is based upon the National Association of Insurance Commissioner’s (NAIC) model long-term care insurance law, would: 1. Prohibit long-term care insurance companies from setting premium rates based solely on the duration of the policy; 2. Ensure a certain level of benefits are available to policyholders even when rate increases no longer make the product affordable; and 3. Prohibit practices that unfairly induce policyholders to purchase coverage that will significantly increase in cost in the short-term. With the high costs of long-term care, many insurance companies are marketing long-term care insurance as an attractive option for individuals to purchase. However, this is still a relatively unknown insurance product, and we must make sure that our laws adequately protect the consuming public. PRIOR CO-SPONSORS: Brennan, Caltagirone, Cohen, D. Costa, DeLuca, DePasquale, Fabrizio, Freeman, George, Gibbons, Gingrich, Goodman, Harkins, Johnson, Josephs, Kortz, Kula, Mirabito, M. O’Brien, Pashinski, Readshaw, Staback, Taylor, Watson, Youngblood, Murt, V. Brown, Boback, and Quinn |
Introduced as HB562