Senator Herb Kohl, (D-Wis.), chairman of the Senate Special Committee on Aging, plans to introduce long-term care legislation at a Washington hearing today that will force providers to a standardized method of handling claims and transferring policies between states, as well as to enhanced regulatory compliance around increasing premiums. Long-term care insurance should reflect standards set by the National Association of Insurance Commissioners, Kohl said before the hearing.
Bloomberg estimates that 12 million Americans will require such care by 2020. Pointing to recent losses reported by Genworth Financial Inc., Kohl said: “We need to boost consumer protections and ensure the solvency of these products in the long run, and even then long- term care insurance may not be right for everyone,” said Kohl. “Long-term care insurance should not be considered as a cure-all.”
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