The Connecticut House of Representatives recently passed a bill that is designed to mitigate the financial burden of Long Term Care Insurance rate increases on consumers.
Spreading Out the Cost
S.B. 199 would require insurers filing for a rate increase of 20% or more on any Long Term Care Insurance policy to spread the monetary increase out over a period of three years or more. The bill also requires insurers to provide policyholders with advanced notice of a premium rate increase before the increase is implemented, in addition to offering an option for policyholders to reduce their benefits and keep their[…]