Long-Term Insurance Plans Vary Widely, Report Says
The government and insurers should standardize long-term care insurance policies to allow consumers to compare plans and select plans based on their needs, according to a study for the AARP Public Policy Institute, the Sacramento Bee reports.
The study found that benefits vary widely between long-term care plans, and policies use different terms and definitions in different states, according to author Bonnie Burns of California Health Advocates.
The report has been distributed to state insurance commissioners and will be given to Congress. AARP will lobby for the recommendations, Enid Kassner, an institute senior policy adviser, said.
A Field Institute poll conducted in May found that more than 65% of Californians underestimate the cost of long-term care or have not considered the financial impact such care would have on their families (Weaver Teichert, Sacramento Bee, 7/13).