A Government Accountability Office report found wide variance in the prices and performance of long term care insurance policies across different plans and different states, raising a concern for lawmakers who expect more state-LTC partnerships to be implemented this year.
Several key members of both the Senate and House requested the GAO report.
“We need to make sure we get some of these already troubling issues resolved, especially since state governments are partnering with long term care insurance companies,” said Sen. Herb Kohl, D-Wis., chairman of the Senate Special Committee on Aging. “Congress is doing the right thing by taking a close look at long term care insurance to make sure consumers are protected.”
According to the lawmakers, the federal government expects LTC partnerships to be implemented in as many as 30 states by the end of the year. The partnerships are designed to encourage the purchase of LTC coverage and feature state-approved plans that combine private insurance with possible add-on Medicaid coverage in policies that allow consumers to protect some portion of their accumulated financial assets.