Law mirrors NAIC Long Term Care Model Act
Milford, Ma; –The Massachusetts Association of Health Underwriters (MassAHU), representing over 1,000 health insurance agents applauds Governor Deval Patrick signing the Long-Term Care Insurance Standards Bill into Law. The new law is based upon the NAIC Long Term Care Insurance Model Act.
Key provisions enhance the authority of the Insurance Commissioner with regard to rate stabilization and cost controls that will enhance consumer safeguards. In addition, training requirements are specified for those agents and brokers who will be marketing Long Term Care Insurance Policies. Lastly, the new law revises key language so that consumers in Massachusetts who purchased “qualifying” long term care insurance policies that met MassHealth guidelines to protect their primary home will now be protected regardless of whether they have used some or all of the benefits in their policies before entering a nursing home.
With November being “LTC Awareness Month”, MassAHU offers a special ”Thank You” to Senator Harriette Chandler and her Staff for staying the course , never giving up on what could be achieved, and being an inspiration to all of us. Special shout outs to Tim Loff and Deb Thompson of MA NAELA and Jenny Erickson of LIAM for believing that together we would succeed. A special acknowledgement to insurance commissioner Joe Murphy for always making the time to meet with agents and brokers in an effort to continue to move the long term care conversation forward.