Clearing the air on long-term-care.Readers of "Long-Term-Care Claims Denials, Rate Hikes Probed" (May 200-7) may be left with an inaccurate impression of long-term-care insurance carriers and their relationship with policyholders. Life insurers take their responsibility to policyholders seriously and recognize the vital role long-term-care insurance plays in financial plans. The benefits policyholders receive--some $3.3 billion in 2006--allow policyholders to make choices regarding their care and maintain their independence, without being a burden on their families. These benefits also help alleviate costs to taxpayers by providing middle-income Americans with an alternative to spending down their assets in order to qualify for Medicaid. Statistics show that most policyholders are happy with the services companies provide. A soon-to-be released LifePlans Inc. study on long-term-care insurance claimants, funded by the U.S. Department of Health and Human Services Noun 1. Department of Health and Human Services - the United States federal department that administers all federal programs dealing with health and welfare; created in 1979 Health and Human Services, HHS and the Robert Wood Johnson Foundation Robert Wood Johnson Foundation, charitable organization devoted exclusively to health care issues. It was established in 1936 by Robert Wood Johnson (1893–1968), board chairman of the Johnson & Johnson medical products company. , will show that 96.5% of all individuals filing claims had no disagreements with their insurance companies or had a disagreement that was resolved satisfactorily. Further evidence of the industry's commitment to consumers is its support for enactment and enforcement of National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. models such as the Unfair Life, Accident and Health Claims Settlement Practices Model Act and Regulation, which provides guidelines for the payment of claims, and the NAIC NAIC See National Association of Investors Corporation (NAIC). Long-Term Care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. Insurance Model Act and Regulation that includes strong consumer protections. In addition, the Long-Term Care Model Regulation requires an annual reporting of denied claims. We encourage the states to monitor these reports, and if the reports show unfair trade practices, regulators should take appropriate action. Today, the cost of long-term-care services is rising, forcing many consumers to deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. their hard-earned savings to pay for care. This trend will continue affecting the financial security of more and more retirees across the United States. For millions of Americans, long-term-care insurance plays a vital role in their retirement security plans--a role that companies take very seriously. Frank Keating President, Chief Executive Officer American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. |
|
|||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion