Massachusetts Division of Insurance approved rate increases for 16 companies who provide coverage to 55K MA residents. Most policies will increase by 10% over next 4 years. Follow our link for full story.
By Deirdre Fernandes | Boston Globe
The state Division of Insurance has negotiated rate increases of up to 40 percent spread over four years with more than a dozen long-term care insurance companies in an effort to stabilize the troubled and shrinking market for this coverage.
The state’s top insurance regulator took the unusual step Friday of approving rate increases at once for 16 companies providing coverage to nearly 55,000 state residents. Most existing policyholders will see rates increase 10 percent a year for the next four years.
Most insurers had requested much higher increases — some as much as 300 percent; some of the requests were on hold for years as state officials grappled with how to address consumer shock over the accelerating costs for insurance used to pay for nursing homes, home health care, and assisted living. [Read entire article]
