Long-Term Care Insurance:

Risks to Consumers Should Be Reduced

T-HRD-91-14: Published: Apr 11, 1991. Publicly Released: Apr 11, 1991.

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GAO discussed long-term care insurance policies, focusing on whether: (1) states and insurers met National Association of Insurance Commissioners (NAIC) standards; (2) consumer protection issues were adequately addressed; and (3) there was a need for minimum federal standards. GAO noted that: (1) while states made substantial progress in adopting long-term care insurance standards, many states still failed to meet NAIC minimum standards; (2) insurers adopted NAIC standards more quickly than states, but their policies often did not meet more such recent NAIC standards as disclosure statements; (3) NAIC standards did not address definitions, eligibility criteria, or grievances; (4) NAIC standards did not protect consumers from inappropriate prices and unpredictable premium increases; (5) NAIC should consider expanding and strengthening its standards to achieve more uniformity among policies, improve methods for determining eligibility, and provide greater protection against the loss of a policyholder's coverage and financial investment; and (6) Congress may wish to consider legislation to establish minimum standards for long-term care insurance.

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