Two long-term care insurance groups are asking a federal task force to help expand access to long-term care coverage through tax incentives as it considers reforming federal laws and regulations regarding the alternate LTC funding stream.
The recommendations from the American Council of Life Insurers and America’s Health Insurance Plans were submitted in a letter to the Federal Interagency Task Force on Long-Term Care Insurance, which is considering potential reforms to federal laws and regulations concerning LTC insurance.
Other recommendations to the task force included: launching a national campaign to raise awareness about long-term care offerings and revising current federal requirements on inflation protection for LTC insurance policies.
“We believe these recommendations align with our mutual goals to expand consumer choice and access to quality LTCI coverage, reduce LTC costs faced by consumers, manage LTCI premiums, and improve health outcomes for LTCI policyholders in the most cost-efficient manner possible,” the organizations wrote.
The issue of LTC insurance premiums was recently in the spotlight after a California judge said he was inclined to rule against a union in a $1.2 billion class-action lawsuit over increased premiums.