Division of Insurance to Hold Consumer Information Sessions on Long-Term Care Insurance Policies and Rates
Boston, MA (November 4, 2016) – The Massachusetts Division of Insurance has scheduled a series of information sessions this month to discuss Long-Term Care Insurance products, rates and its rate request review process. The regulatory agency recognizes that both nationally and in Massachusetts insurers that offer these products have made quite substantial rate requests in recent years.
These information sessions will take place on the following dates and at the following venues. All sessions are scheduled to run from 9:30 am to 12:00 pm:
Wednesday, November 16th, College of the Holy Cross, 1 College Street, Worcester, MA 01610,
Hogan Center, Suite B/C – 4th Floor
Thursday, November 17th, Barnstable Senior Center, 825 Falmouth Road/Route 28, Hyannis, MA 02601
Friday, November 18th, State Transportation Building, 10 Park Plaza, Boston, MA 02116, Mezzanine Level, Conference Rooms 1-3
“Policyholders who have purchased these products and renewed them annually for many years deserve the opportunity to understand why high rate increases are being requested and what their options are for funding long-term care when they may need it in the future,” said Commissioner of Insurance Daniel Judson. “Most importantly, we welcome the input from long-term care insurance policyholders who we anticipate will want to attend these sessions.”
Scheduled to present at the information sessions are:
- Kevin Beagan, Deputy Commissioner, Health Care Access Bureau with the Division of Insurance, will address the evolution of long-term care insurance products and required coverages and disclosures in Massachusetts.
- Vince Bodner, Independent Actuary and Member of Society of Actuaries, will discuss long-term care insurance claims experience in relation to associated rate needs.
- Charles DeWeese, Consulting Actuary to the Division of Insurance and Member of Society of Actuaries, will present on long-term care insurance rate review procedures and requirements as conducted on behalf of the Massachusetts Division of Insurance.
Other invited panelists include:
- Representatives from AARP of Massachusetts
- Producer and carrier representatives that offer long-term care insurance in Massachusetts
Long-Term Care Insurance policyholders and anyone else with an interest in the topic who cannot attend these information sessions may submit written comment or questions to the Division of Insurance, Consumer Services Section, 1000 Washington Street, Suite 810, Boston, MA 02118 or by email at LTCI@state.ma.us.
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