The Division of Insurance has scheduled for November 16, 17, and 18, information sessions in Worcester, Hyannis, and Boston to discuss Long-Term Care Insurance products, rates and the Division’s rate request review process.
The information sessions sparked by carriers’ substantial rate requests
In announcing the three information session, the Division stated that it “recognizes that both nationally and in Massachusetts insurers that offer these products have made quite substantial rate requests in recent years.”
In the Division’s announcement, Commissioner Judson was quoted as stating that, “Policyholders who have purchased these products and renewed them annually for many years deserve the opportunity to understand why high rate increases are being requested and what their options are for funding long-term care when they may need it in the future.” However, the Commissioner also stated that,” Most importantly, we welcome the input from long-term care insurance policyholders who we anticipate will want to attend these sessions.”
Information session panelists include actuaries and Deputy Commissioner
The Division’s announcement states that scheduled to present at the information sessions are:
- Kevin Beagan, Deputy Commissioner, Health Care Access Bureau with the Division of Insurance, will address the evolution of long-term care insurance products and required coverages and disclosures in Massachusetts.
- Vince Bodner, Independent Actuary and Member of Society of Actuaries, will discuss long-term care insurance claims experience in relation to associated rate needs.
- Charles DeWeese, Consulting Actuary to the Division of Insurance and Member of Society of Actuaries, will present on long-term care insurance rate review procedures and requirements as conducted on behalf of the Massachusetts Division of Insurance.
Also, the Division has invited to participate:
- Representatives from AARP of Massachusetts
- Producer and carrier representatives that offer long-term care insurance in Massachusetts
The information session locations and times in Worcester, Hyannis, and Boston
These information sessions will take place on the following dates and at the following venues.
- Wednesday, November 16th, College of the Holy Cross, 1 College Street, Worcester, MA 01610,
- Hogan Center, Suite B/C – 4th Floor
- Thursday, November 17th, Barnstable Senior Center, 825 Falmouth Road/Route 28, Hyannis, MA 02601
- Friday, November 18th, State Transportation Building, 10 Park Plaza, Boston, MA 02116, Mezzanine Level, Conference Rooms 1-3
The dates and locations will appear on Agency Checklists’ event calendar.
Interested parties who cannot attend may submit written comments or questions
The Division has also announced that any long-term care insurance policyholders or anyone else with an interest in the topic who cannot attend these information sessions may submit written comment or questions to the Division of Insurance, Consumer Services Section, 1000 Washington Street, Suite 810, Boston, MA 02118 or by email at LTCI@state.ma.us.
