Massachusetts examines rules for LTC insurance
Massachusetts regulators are close to increasing oversight of long-term care insurance after several years of debate.
Under the proposed rules, consumer protections would be extended to group policies rather than only those purchased individually, The Boston Globe reported. Companies would have to expand disclosures around rate increases and make a greater effort to contact seniors before policies are canceled for nonpayment. The state's insurance regulator would be able to consider which premium increases are affordable.
However, consumer advocates - and the state attorney general - said the proposed rules don't go far enough in offering protection.
“We urge the Division of Insurance to toughen up its proposed regulations,” Attorney General Martha Healey said in a statement sent to the Globe.