From the Desk of Lance Haver, Director of Civic Engagement for Philadelphia City Council
Three weeks ago, we asked Philadelphians concerned about proposed rate increases for long term care insurance policies and the cost of nursing homes to contact the State Insurance Commissioner to opposed the requested 130% rate hike.
So many of us did, the Insurance Commissioner has agreed to hold a hearing on the proposed rate increases. The hearings will be this Thursday March 10th at 9:00 am in Harrisburg.
The Insurance Department will have a satellite connection to the hearing where people will have an opportunity to testify in Philadelphia at the West Oak Lane Senior Center, 7210 Ogontz Ave.
I realize that for some people, it will be hard to get to either Harrisburg or the West Oak Lane senior center. I don’t know why the Insurance Commissioner did not pick a location in Center City.
Here are the proposed rate increases:
- Genworth Life Insurance Company, requesting rate increases from 33 to 130 percent, depending on the policy;
- Unum Life Insurance Company of America, requesting rate increases from 63 to 94 percent;
- John Hancock Life Insurance Company, requesting rate increases from 14 to 88 percent;
- Metropolitan Life Insurance Company, requesting rate increases from 43 to 60 percent.
The insurance companies say they need the rate increases because the companies made bad projections about how many people would keep the policies in place; how many people would use the policies they paid for; and how well the insurance companies’ investments would do. (The filings are hard to understand, but the information is in there.) In essence they say because they made bad projections their policy holders will have to pay more, a lot more.
I would ask anyone who is concerned about the cost of nursing home care and LTC insurance to provide testimony. One should not have to lose everything, your life savings and your house, to live one’s final years in dignity.
If you cannot attend the hearing, but would still like your voice heard, please send me your statement. I will hand carry it up to Harrisburg and add it to my own testimony.
Please feel free to contact me for more information.
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