Long-Term Care Insurance Consumer Protection Act of 1993

Summary

Long-Term Care Insurance Consumer Protection Act of 1993 - Amends title XIX (Medicaid) of the Social Security Act to afford Federal consumer protection to purchasers of long-term care insurance policies by requiring that, before such policies may be issued or sold, they must have been either certified by the Secretary of Health and Human Services as meeting the minimum Federal standards outlined below or approved by the State superintendent of insurance under a program each State is required to establish that: (1) incorporates such standards; (2) provides consumers with access to information on issuers and policies; and (3) provides an approval process for proposed premium increases. Outlines Federal standards long-term care insurance policies must meet, including requirements that they: (1) offer mandatory inflation protection features, nonforfeitable benefits after a certain vesting period should the policy lapse, and limited premium increases; (2) be guaranteed renewable except for nonpayment of premiums or material misrepresentation; (3) use standard language and a uniform format, with a detailed outline of coverage; (4) not condition or limit eligibility for benefits, except in cases of preexisting conditions; (5) use functional assessment tools for determining home care eligibility; (6) provide a right to appeal denials for home care eligibility; and (7) prohibit discrimination in cases of individuals with Alzheimer's disease Regulates the marketing of long-term care insurance policies through prohibitions on certain sales practices, such as high pressure tactics, and on sales to Medicaid beneficiaries and sales of duplicate service benefit policies. Imposes additional requirements on issuers of long-term care insurance policies with respect to specified matters, including: (1) the prompt mailing of new policies after approval; and (2) the limiting of compensation to agents for the sale of long-term care insurance policies. Sets forth penalties for issuing unapproved or uncertified policies, violating requirements, and engaging in prohibited sales practices. Requires reports on functional ability assessment tools and on solvency protections for such issuers. Requires a study to develop a standard measure of value for long-term care insurance policies. Authorizes appropriations to increase funding for long-term care insurance information, counseling, and assistance.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 May 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 3 May 1993

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• Introduced in House

  summary · EN · 5 January 1993

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