Ill. Moves To Cap LTCi Premium Rates
|Targeted News Service|
"State regulators have no discretion to limit premium increases if the rate filing meets standards, so we set out to change the law to further protect consumers. This proposal would impose a 15% cap on rate increases on all existing and future long term care premiums, regardless of age or benefit configuration," said Director Boron. "And I want to thank Representative Gabel for her support of our effort to change the law."
"Insurance companies did not break the law when they decided to raise rates, but it seems unconscionable to charge such exorbitant amounts of consumers who are often retirees living on a fixed income. Policyholders say they had only two devastating choices - either find a way to pay up now or face the possibility of not having long term coverage when you need it. House Bill 2333 will help prevent this type of devastation," said Representative Gabel.
Long term care services and support are provided in a variety of settings - in homes, in community settings such as adult day centers, and in institutional settings, such as nursing homes and assisted living facilities. It is estimated almost 10 million people in
TNS JF78JF-130224-4217050 StaffFurigay
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