Long-Term Care Insurance Reduced Benefit Options (EX) Subgroup
- Executive (EX) Committee
- Climate and Resiliency (EX) Task Force
- Government Relations (EX) Leadership Council
- Long-Term Care Insurance (EX) Task Force
- Long-Term Care Insurance Multistate Rate Review (EX) Subgroup
- Long-Term Care Insurance Reduced Benefit Options (EX) Subgroup
- Special (EX) Committee on Race and Insurance
2022 Adopted Charges
The Long-Term Care Reduced Benefit Options (EX) Subgroup will:
- Complete an evaluation and/or recommendation of options to help consumers manage the impact of rate increases. This includes:
- Finalizing development of a process to evaluate innovative options that allow for insurers to offer benefits that lessen the likelihood of an insured needing long-term care services, including evaluation of the suitability of and regulatory barriers to proposed options.
- The potential development of mechanisms to help regulators and consumers objectively compare reduced benefit options (RBOs), including comparison of accepting a rate increase and retaining current benefits to electing an offered RBOs.
- Finalizing the Consumer Notices Checklist for RBOs.
- Support and provide expertise to the Long-Term Care Insurance Multistate Rate Review (EX) Subgroup regarding evaluation of RBOs.
- The Subgroup should complete its charges by the 2022 Fall National Meeting.
NAIC Support Staff: Eric King