SiteTitle | • | State Moves to Cap Long Term Care Insurance Premium Rates | [X] |
Organization | • | Illinois Department of Insurance | [X] |
| | 1: | | Title: | | | | | Volume/Number: | 2013 February 20 | | | | Issuing Agency: | | | | | Description: | Illinois Department of Insurance (DOI) Director Andrew Boron today announced the departments effort to protect long term care policyholders. DOI, with help from State Representative Robyn Gabel (18th District - Evanston), has proposed HB 2333 which calls for a 15% annual cap on a premium rate for a policyholders Long Term Care Insurance. Long term care (LTC) refers to the services and supports provided to people who need assistance with basic activities, such as bathing and dressing, because of chronic physical illness, or disabling conditions such as dementia. To offset the high costs associated with long term care, many people purchased insurance coverage. These policies were originally sold as having level premiums that would not increase based on age or health situation. Now, the policyholders who have been paying for a decade or more are shocked to receive notice that their monthly premium has skyrocketed as much as 200%. | | | | Date Created: | 02 20 2013 | | | | Agency ID: | 152**13 | | | | ISL ID: | 000000045108 Original UID: 26381 FIRST WORD: State | |
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