Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA) Participates in Long-Term Care Insurance Rate Stabilization Efforts
Collaborates With the Massachusetts Division of Insurance as Member of Working Group
BOSTON, MA--(Marketwired - July 23, 2014) - The Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA) today announced the release of the Long Term Care Insurance Rate Stabilization report, which the organization contributed to as a member of the working group mandated by the State Legislature. The report was compiled and submitted to the Legislature by the Massachusetts Division of Insurance as a required response to Chapter 312 of the Acts of 2012, "An Act Establishing Standards for Long-term Care Insurance," which became effective January 2013. The report and the accompanying draft regulations are on the Division of Insurance website.
Chapter 312 was enacted to create new regulatory requirements for long-term care insurance products issued in the Commonwealth of Massachusetts. MassNAELA worked with Senator Harriette L. Chandler to file the original bill in 2005 and advocated for its passage until it was signed into law in October 2012. Under Section 3 of Chapter 312, the Division of Insurance is required to develop a report on how to promote rate stabilization within the long-term care insurance markets and include input from an advisory group composed of representatives from government, industry and consumer agencies identified in the statute, including MassNAELA. Attorney Timothy Loff represented MassNAELA in the working group.
The report's purpose is to identify "methods that have been implemented along with recommendations to stabilize rates and prevent exceptional rate increases." To compile the report, the Division of Insurance and the working group reviewed many sources, including rate stabilization provisions established by other regulatory bodies and states, survey results and ideas offered by working group members for improving the stability of rates in existing and new policies. A public hearing on the proposed regulations has been scheduled by the Division of Insurance for August 1st.
"The primary purpose of Chapter 312 is to provide important consumer protection for purchasers of long-term care insurance, particularly MassHealth Medicaid recipients," stated Loff. "The report and proposed regulations offer steps to slow and control the rising costs of long-term care insurance, perhaps the most important issue on MassNAELA's agenda. We will continue working with the members of the working group, the Division of Insurance and the insurance industry to put the proposed rate stabilization measures in place."
About MassNAELA
The National Academy of Elder Law Attorneys, the premier organization of elder and special needs law attorneys in the country, is dedicated to developing awareness of issues concerning the elderly and those with special needs. Over 450 attorneys are members of the Massachusetts Chapter, which comprises 12% of all NAELA members nationwide. They work directly with the elderly and those with special needs in areas as diverse as planning for catastrophic care costs, disability planning, age discrimination in employment and housing, benefits planning, estate planning, veterans' benefits and more. For more information about MassNAELA, visit www.massnaela.com.
