Long-term care insurance consumers and companies in Maine are set to discuss premium rate hikes in a forum to be hosted by a state regulator.
Maine Insurance Superintendent Eric Cioppa is hosting the forum on May 9 at the Augusta Civic Center in the state capital and is inviting Maine residents to attend or participate via webcast.
During the forum, consumers will have the chance to provide written or oral statements about their experiences as long-term care insurance policyholders.
On the other hand, companies can present reasons for their rate increase requests and ideas to make the market viable.
“The national problem of underpriced long-term care insurance policies and steep premium rate increase requests is one that I and other state insurance regulators are working to address within our abilities, as defined by law,” Cioppa said.
“As the regulator of insurance companies selling long-term care policies in Maine, I want to hear first-hand from those who purchased and are relying on these policies, and those who sold the policies and are continuing to request substantial rate hikes.”
The forum will tackle the rate review process as dictated by Maine law and recently enacted rules that protect consumers by clarifying and strengthening the claims payment process that companies are required to follow.
“Policyholders across the country who have not yet needed to use their policy are faced with the decision to either pay significantly more each month to maintain their benefits, or reduce their level of benefits, or drop their policies,” Cioppa said.
“As regulators, we are charged with protecting consumers’ interests. That includes making sure insurance companies remain solvent and able to pay their claims.”
