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Insurance Commission continues to protect Louisiana long-term care policyholders | News

Written by on December 8, 2021

Within the coming weeks, Insurance coverage Commissioner Jim Donelon will take further steps to guard Louisiana long-term care policyholders of Senior Well being Insurance coverage Firm of Pennsylvania (SHIP) from doubtlessly disastrous fee will increase or profit reductions.

In January 2020, SHIP was positioned into rehabilitation by the Commonwealth Court docket of Pennsylvania. The corporate is presently projected to have a $1.2 billion greenback deficit however SHIP has not but been positioned in liquidation.

In an try to rehabilitate the insurer, the appointed rehabilitator created a plan that the Louisiana Division of Insurance coverage (LDI) believes will diminish the division’s authority to guard Louisiana policyholders.

As presently proposed, Pennsylvania’s plan provides state insurance coverage regulators solely two choices. The primary is to permit a Pennsylvania entity to boost charges in Louisiana for SHIP policyholders, in some circumstances over 500%, with charges being set by a Pennsylvania court docket with none evaluation by the LDI. The second possibility would scale back advantages for all Louisiana policyholders of the insurer.

“The state of affairs is untenable for Louisiana policyholders,” mentioned Commissioner Donelon. “Regardless of shopping for long-term care insurance coverage to make sure their independence in superior age and paying on their insurance policies which can be protected by state warranty funds for many years, they now threat — on the common age of 86 — being pressured out of business and put out of their present residing conditions. I’ll do all the things in my energy to guard these Louisiana shoppers from having the warranty fund safety guidelines modified at their hour of want by a Pennsylvania regulator.”

Becoming a member of with 22 different states that oppose Pennsylvania’s proposed plan, together with South Carolina, Commissioner Donelon will file in Louisiana court docket for an injunction towards the plan in an ongoing try to guard shoppers from this insurance coverage trade pleasant proposal.

Beforehand, the Louisiana Division of Insurance coverage (LDI) filed go well with in federal court docket asking the choose to declare the Pennsylvania plan unconstitutional and block it from taking impact. That go well with was dismissed as a result of, on the time, Pennsylvania had not but authorised the plan. The Pennsylvania court docket has now authorised the plan and that approval is being appealed to the Pennsylvania Supreme Court docket.

In case you are a Louisiana policyholder with Senior Well being Insurance coverage Firm of Pennsylvania, or have a member of the family with a coverage, please electronic mail LDI at [email protected] or name us 1-800-259-5300. Senior Well being Insurance coverage Firm of Pennsylvania shouldn’t be confused with Louisiana Senior Well being Insurance coverage Data Program, a free program by the LDI that helps beneficiaries higher perceive their Medicare protection choices and advantages.

Concerning the Louisiana Division of Insurance coverage: The Louisiana Division of Insurance coverage works to enhance competitors within the state’s insurance coverage market whereas aiding people and companies with the knowledge and sources they have to be knowledgeable shoppers of insurance coverage. As a regulator, the LDI enforces the legal guidelines that present a good and secure market and makes sure that insurers adjust to the legal guidelines in place to guard policyholders. You’ll be able to contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.  If you don’t want to obtain information releases sooner or later, please click on unsubscribe.

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