Two newspapers recently published articles that examined long-term care insurance. Summaries appear below.Los Angeles Times: The Los Angeles Times on Saturday examined how consumer advocates and state insurance regulators expect lawsuits "to mushroom in the coming years as more baby boomers and their ailing parents make claims on long-term care insurance." Sales of long-term health insurance policies increased by 65% between 2000 and 2004. However, according to the Times, "actual and projected payouts have already caused a shakeout that could leave some policyholders with huge bills worried that insurers can't or won't pay," and some "insurers who underestimated their potential obligations have sharply hiked their premiums or abandoned the market." According to attorneys, long-term care insurers have denied claims for a number of reasons, such as "inadequate documentation from seniors too sick or distracted to be diligent record keepers" and some have "rescinded policies, saying the individual didn't fully disclose a pre-existing medical condition on his or her application," the Times reports. Sandy Praeger, the insurance commissioner of Kansas and vice president of the National Association of Insurance Commissioners, said that increased sales of long-term care insurance policies place "pressure on us as regulators to ensure that policies live up to their promise to pay" (Selvin, Los Angeles Times, 10/14).
Washington Post: The Post on Sunday examined how long-term care insurance is "not for people with either a lot of money or very little" but for "people in the middle." Higher-income individuals can save over time to cover long-term care costs, and low-income individuals qualify for Medicaid coverage. Middle-income individuals might benefit from long-term care insurance because "it allows you to protect property or money that you'd like to pass on to your heirs or keep for your own needs," the Post reports. According to the Post, a "big question about long-term care insurance is when to buy." Individuals who purchase long-term care insurance earlier will have lower premiums, although premiums can increase over time. In addition, individuals should consider whether they will have the ability to afford long-term care insurance premiums after retirement because they "could lose everything" paid into the policy in the event they fail to pay premiums, the Post reports. In a 2004 survey, Consumer Reports recommended that individuals purchase long-term care insurance at age 65, rather than at age 40. Morris Snow, a principal in the health and benefits division of Mercer Human Resource Consulting, also recommended that individuals compare a number of different long-term care insurance policies before they make a selection (Hamilton, Washington Post, 10/15).
"Reprinted with permission from kaisernetwork. You can view the entire Kaiser Daily Health Policy Report, search the archives, or sign up for email delivery at kaisernetwork/dailyreports/healthpolicy. The Kaiser Daily Health Policy Report is published for kaisernetwork, a free service of The Henry J. Kaiser Family Foundation . © 2005 Advisory Board Company and Kaiser Family Foundation. All rights reserved.
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