The Massachusetts Division of Insurance is undertaking a study to find out who’s buying long term care insurance and what kinds of policies they’re acquiring.[@@]
The study will look at how many people have LTC insurance, their age and average premium levels, according to Christopher Goetcheus, a division spokesman. The study also will look at marketing practices and examine policy features such as benefit amounts, elimination periods and lapse rates.
The survey, which updates several earlier state surveys of the LTC market, will enable regulators to assess changes in the Massachusetts market since a law regulating individual policies took effect in 2000. That law requires LTC carriers to meet certain standards, such as providing improved disclosure about policy benefits.
That law did not apply to group plans, Goetcheus says. A bill before the state legislature would expand the Massachusetts division’s jurisdiction to cover plans sold through employers, unions, and associations.
“We’d welcome that,” Goetcheus says.