Some members of Congress say a new U.S. Government Accountability Office report raises questions about the imminent expansion of the state long term care insurance partnership program.
GAO researchers reviewed private LTC insurance plans at the request of several lawmakers.
The researchers found that one insurer had repeatedly raised premiums to a cumulative increase of 70% since 1991, while another had implemented only one premium increase in the last 33 years.
Roughly half of the states have adopted rate stability measures, but that leaves the rest of the country unprotected, and regulators in the states with the standards are not sure how well the standards will hold down future increases, the GAO researchers write.
The lawmakers who asked for the report included Sen. Herbert Kohl D-Wis., chairman of the Senate Special Committee on Aging; Sen. Charles Grassley R-Iowa, the highest ranking Republican member of the Senate Committee on Finance; Rep. John Dingell, D-Mich., chairman of the House Committee on Energy and Commerce; and Rep. Joe Barton R-Texas, the highest ranking Republican member of the House Energy and Commerce Committee.
An Energy and Commerce subcommittee plans to review the report Thursday at a hearing.