The National Conference of Insurance Legislators’ (NCOIL) Long Term Care and Health Retirement Issues Committee announced that it will discuss and review potential abuses in the long term care (LTC) insurance market at the upcoming NCOIL meeting in Seattle. Susan Westrom (Democratic) from Kentucky will chair the Committee.
NCOIL’s inquiry is motivated by a March 2007 New York Times article which raised concerns about how LTC insurers treat customers with respect to premium increases, inflation protection and benefit determination. LTC insurance has become important in wealth protection and estate planning for the Baby Boomer generation. LTC insurance covers expenses for services beyond short term medical and nursing care covered by ordinary health insurance policies and Medicare. Medicaid typically provides long term coverage only after the individual has expended substantially all of his or her assets. LTC insurance can help protect assets and maintain financial independence.
