Insurance Commissioners Discuss Long Term Care Insurance Regulation

Los Angeles; July 11, 2013 – Five audio recordings of sessions involving state insurance commissioners and staff discussing long term care insurance regulations are available online reports the director of the American Association for Long-Term Care Insurance.

“The National Association of Insurance Commissioners (NAIC) Senior Issues Task Force

long term care insurance rates addressed by NAIC

long term care insurance rates addressed by NAIC

meets regularly to discuss important regulatory matters pertaining to this important industry,” explains Jesse Slome, executive director of the long term care insurance industry trade group.  “Recordings of the sessions are made available online and are now ready for interested parties to listen to.”

Slome shared anyone taking the time to listen to these audios will realize how enormously complex a topic long term care insurance is.  “Much of the discussion focused on important matters like rate increases and even the insurance commissioners shared their approaches are all over the board”, Slome shared with insurance agents participating in a regular executive level chat.  “If you listen to the discussion it becomes very clear how enormously complex the issue is.”

The participants in the meeting are very bright, committed individuals Slome noted who know they must take a balanced approach in their efforts to both protect consumers as well as maintain a market for private companies offering protection.  “At one point one of the Commissioners shared the recognition that they had no incentive to run companies out of the business,” Slome shared.  “If Medicaid is to be saved as a taxpayer paid program for the poor, States realize having private individuals be responsible by planning is crucial.”

The long term care insurance industry is still relatively young Slome notes.  “The first policies were designed and marketed in the 1980s but it took years before the product really caught on.” Slome added.  “Much has changed in the past 20 years in terms of health as well as economic demography and so the long term care insurance providers are working with insurance commissioners to keep improving solutions that serve the public and taxpayers who today bear the majority of the cost of providing long term care.”

Those interested in listened to audios from the June 10-13, 2013 NAIC Task Force can visit the NAIC’s website.

Consumers seeking long term care insurance costs and to learn about newer planning options from a designated specialist, a member of the American Association for Long-Term Care Insurance, can also visit the organization’s website or call 818-597-3227.

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