The Consumer Awareness Act of Future Premium Rates For Long-Term Care Insurance
In this model legislation published by ALEC, the bill's aim is to,
be introduced in conjunction with the Long-Term Care Insurance Act. Its purpose is to protect the consumer from unknowing increases in future premium rates when purchasing long-term care insurance policies. ALEC’s bill stipulates that all long-term care insurance policies must state that the policy premium rates may rise based on claims incurred by all policyholders. Any representation that the policyholder’s rates will not rise is unauthorized and should not be relied upon.