Florida bill targets high long-term care insurance rates
A new bill in Florida would hold down long-term care insurance costs, which can rise more than 200% during the 20- to 30- year life of a contract.The bill would require that current policyholders' rates be no more than the cost of any new policy. It also would give current policyholders the option of keeping premiums stable and taking a reduced package of benefits – either a shorter time in a long-term care facility or less money toward it. Because of exorbitant rates, some seniors are forced to cancel their policies, losing all the money they put into them.
The Florida Senate Banking and Insurance Committee approved the legislation. The Senate Healthcare Committee must now approve it. A similar measure is being introduced in the Florida House.