News today from KPBS that an important change to law is currently being debated in the California Assembly. The potential law would require that long-term care insurance companies who sell long-term care insurance to take a few extra steps when cancelling insurance policies. Currently, providers do not have to justify policy cancellations.
The new law would require long-term care insurers to provide the reasons for terminations, and track them by the gender of the insured. Currently, all of the products we sell here at LTC Tree are “guaranteed renewable,” meaning that as age and health status change, the policy can still be renewed. We encourage you to request a sample policy for your state to see how your long-term care insurance policy will compare. We think the California long-term care insurance law is a good idea, and are in favor of holding the companies accountable when they cancel a policy.
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