Pennsylvania HB950 prohibits premium increases for long-term care insurance due to age or policy duration.
Pennsylvania HB950 amends the Insurance Company Law of 1921 to prevent premium increases for long-term care insurance based on the insured's age or the length of coverage. Insurers are limited to a 15% annual rate cap for renewal premiums, with exceptions allowed by the commissioner if benefit utilization exceeds expectations. The commissioner can disapprove rate increases if they are deemed unreasonable, excessive, or discriminatory. This act aims to protect consumers from unfair premium hikes in long-term care insurance.
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- Legal Framework
- Critical Issues
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