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We urge the Division of Insurance to toughen up its proposed regulations, Healey said in a statement. These changes are needed in order to stabilize rates and protect Massachusetts policyholders from extreme and unaffordable rate increases. Long-term care was designed to fill coverage gaps between Medicare, which pays for short-term rehabilitation and recovery services, and Medicaid, the program for the poor that pays for long-term care for qualified seniors after they have used up much of their own money. It was pitched to baby boomers and popular through the early 2000s. But rates have risen rapidly, in part because insurers set prices too low when they first launched the policies, underestimating how long people would live and need nursing home care, and overestimating how many people would drop their plans before collecting benefits. George Burnell, 87, a Lexington resident, said the controls on premiums are necessary for consumers who have been paying into these plans for years and now face difficult choices just as they need the benefits the most. Older policyholders are being forced to decide whether to reduce their benefits, pay more, or give up the product entirely, Burnell said An increase in premiums is painful, said Burnell, who bought John Hancock long-term policies for himself and his wife nearly 20 years ago to avoid being burdens to their children. The premiums for Burnell and his wife grew to $4,466 a year, from $3,785 after John Hancock raised rates 18 percent in 2016. And in January, Hancock received permission from the Insurance Division to raise rates by as much as 10 percent each year for the next four years. In total, 16 companies that serve nearly 55,000 consumers received approval to raise rates by at least 10 percent in 2017. It just makes you feel that nobody gives a damn and youre drifting out to sea, Burnell said. Insurers say rate increases are necessary to cover the costs of future claims as people live longer and health care costs rise. Even with the recent increases, they argue, few consumers are dropping their policies. They oppose a rate cap and have argued that even having regulators consider whether a rate increase is affordable is a step too far. Whether a particular rate is affordable to a purchaser depends on their finances, their family, their living situation and a host of other personal circumstances that change over time, a coalition of industry trade groups, the Life Insurance Association of Massachusetts, the American Council of Life Insurers and Americas Health Insurance Plans, wrote to the Insurance Division. The insurance industry cannot, nor should they be required to, ensure that their product is affordable to all consumers. Legislators and regulators nationwide have struggled to control cost increases while making sure insurers can pay the policies benefits. In 2012, Massachusetts legislators approved expanding consumer protections for long-term care policies in response to angry policyholders. But state regulators have taken years to craft precise regulations and have faced diverging demands from the industry and consumers.
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