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Regulation of Private Long-Term Care Insurance: Implementation Experience and Key Issues

Regulation of Private Long-Term Care Insurance: Implementation Experience and Key Issues

While private long-term care insurance (LTCI) has been available since the mid-1970s, its popularity has grown rapidly in recent years, and Congress is considering proposals that would further encourage LTCI purchase through expanded tax subsidies. Yet there has been little research on how well LTCI works and how much security it really provides. This report focuses on consumer protections for individuals buying LTCI in the current market. It begins with a brief description of how LTCI works and how it is regulated. It then examines how well existing federal and state regulatory mechanisms address issues, including suitability in choosing a policy, policy replacement, benefit triggers and other coverage issues, and post-claims underwriting.