In the near future, I plan to introduce legislation modeled after other states that have stepped up by placing a cap on how much insurers are allowed to increase long-term care insurance premiums.

Long-term care insurance premiums have skyrocketed, and it is common to hear about triple-digit increases. Recently, I had a constituent reach out to my office upset that her long-term care insurance premium increased by 99% in the last three years alone.

Back in the 1980’s, long-term care insurance became a popular product among consumers. At the time, there was insufficient data on what the claims cost would be once consumers used their policies, how long they would live, or how much the care would cost in today’s dollars. As a result, the premium consumers pay today for their long-term care policies is not enough to cover the claims that consumers are currently filing.

After decades of paying premiums, our most vulnerable populations are left with only three choices: pay high premiums to continue their coverage, reduce their benefits, or cancel their policy.

Please join me in co-sponsoring this legislation to help protect our seniors.
 

Statutes/Laws affected:
Printer's No. 0976: P.L.682, No.284