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Long‑term care policyholders press for public hearings before large rate increases; insurers caution overburdening regulator
Summary
Policyholders and advocates urged the legislature to require public hearings before approving large long‑term care insurance rate increases so affected holders can present impacts. Insurers and regulators supported targeted solutions and said mandatory hearings for every filing would be burdensome and risk exposing proprietary material.
Multiple long‑term care policyholders told the committee that recent, large rate increases have arrived with little notice and force many older policyholders to cut benefits or surrender coverage they bought decades ago.
"Our premiums have more than doubled while our retirement income has risen slowly," said one policyholder, who described receiving short‑notice…
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