Letter to the editor
Posted: January 31, 2014
LTC policyholders, voice your concerns
Some 259,159 Virginia seniors who hold Long-Term Care insurance policies are facing future increasing premium rates.
From 2010 to 2012, my premiums increased 90 percent. I’ve been in constant contact with the Bureau of Insurance, the SCC, and members of the General Assembly requesting the strengthening of the rate stabilization regulations.
The SCC ordered an investigation of LTC insurance premium rate increases. The resulting report was filed in November 2013, and the SCC has now issued another order regarding “revising the rules governing LTC insurance.”
The SCC has ordered a public notice to be published as display advertising by today (Jan. 31) in this newspaper asking for public feedback. The SCC did so only after first contacting the insurance companies that write LTC policies in Virginia for their feedback.
Be assured the insurance companies will respond in order to protect their interests. Now is the time for LTC policyholders to voice their concerns and suggestions with the SCC and your local state and federal representatives asking for definitive changes to the rate stabilization regulations that will afford seniors substantial relief from future excessive (greater than 5 percent per year across the board) premium rate increases.
The governor and the General Assembly must hold the SCC accountable in making substantive changes to these regulations immediately rather than allowing the SCC to just go through the motions. Not doing anything to change the status quo will leave Virginia seniors at great risk.
Anton J. DeFabio