The Ohio Department of Insurance is considering an update to the rules that govern the state’s long-term care insurance (LTCI) partnership program.
The change would affect insurers that want to help holders of their older LTCI policies get into the partnership program.
Today, Ohio lets an insurer use a policy to help a consumer join the partnership program only if the insurer is still actively marketing the policy.
Ohio now wants to let an insurer use a policy that is no longer marketed but complies, or nearly complies, with partnership program requirements as a “partnership qualified” policy.
An insurer could file for Ohio department permission to sell the “non-marketed” LTCI policy as a partnership qualified policy, officials say.
An insurer can choose whether or not to participate in the partnership program, and it also can choose whether it wants to file to use an existing LTCI policy as a partnership policy, officials say in a regulatory analysis posted on the department website.