Long-Term Care Insurance Consumer Protection Act of 1988

Summary

Long-Term Care Insurance Consumer Protection Act of 1988 - Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to establish a procedure for the voluntary certification of long-term care insurance policies. Requires certified policies to: (1) meet or exceed National Association of Insurance Commissioners Model Act Standards; (2) be renewable on the basis of the same premium rate; (3) allow purchasers 30 days to rescind their purchase of the policy; (4) inform consumers of the availability and limitations of long-term care benefits under the Medicare program; and (5) meet or exceed other requirements set by the Secretary. Deems a long-term care insurance policy to have satisfied the requirements of the Federal certification procedure if the State in which it is issued is determined by the Long-Term Care Insurance Panel established pursuant to this Act to have a regulatory program which is at least as stringent as the Federal procedure. Makes it a felony, punishable by fine and/or imprisonment, to knowingly: (1) misrepresent a policy's compliance with this Act's certification requirements; or (2) use the mails to promote the sale or delivery of a policy into a State where such policy has not been approved by the State commissioner or superintendent of insurance. Deems a policy to have been approved by the State commission or superintendent of insurance, if: (1) it has been certified by the Secretary or issued in a State that has an approved regulatory program; (2) it has been approved by the commissioners or superintendents of insurance in States in which more than 30 percent of such policies are sold; or (3) such commissioner or superintendent has the authority to bar the sale of the policy in the State, but neither he or she nor the State has done so. Requires the Secretary to provide Medicare beneficiaries with information that will enable them to evaluate long-term care insurance policies and the relationship of such policies to Medicare benefits. Directs the Long-Term Care Insurance Panel to report to the Congress within one year of this Act's enactment on whether certified policies should meet minimum loss ratios or other value measures and whether they should disclose minimum loss ratios or other key financial information. States that Medicare skilled nursing facility and home health agency benefits are included among the benefits which health insurance policies may not duplicate in providing coverage to Medicare beneficiaries. Requires the Secretary to notify Medicare beneficiaries regarding the availability of long-term care benefits under the Medicare program.

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1 official file

• Introduced in Senate

  summary · EN · 13 July 1988

  Open at official source

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