The National Association of Insurance Commissioners (NAIC) today held a public hearing to examine the future of private solutions to long-term care financing.
The Long Term Care Innovation (B) Subgroup held the hearing during the NAIC's Summer 2016 National Meeting. Presenters from state insurance departments, consumer groups and insurance industry professionals covered topics ranging from innovation, affordability and availability as well as consumer education.
"The future of long-term care insurance is uncertain as there are many challenges facing the long-term care insurance market," said Teresa D. Miller, Pennsylvania Insurance Commissioner and chair of the Long Term Care Innovation (B) Subgroup. "The purpose of our group is to address these challenges by hearing a variety of ideas and suggestions to develop actionable, realistic policy options for consideration by the NAIC, individual states and Congress."
The subgroup is examining potential product modifications, reductions of regulatory barriers and appropriate incentive to strengthen the insurance market.