Georgia Regulation Helps Curb Long-Term Care Insurance Rate Increases
Georgia enacted a long-term care insurance regulation on October 1, 2008. Georgia residents purchasing long-term care insurance after that date are protected by Georgia’s Rate Stability Regulation*.
The regulation has helped curb long-term care insurance rate increases in Georgia because it forces long-term care insurance companies to lower their profits if they seek a rate increase.
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Profit Incentive
BEFORE 10/1/2008
UNDER THE OLD RULES
Profits were capped in the initial pricing, but more profit could be made when rate increase was requested.
AFTER 10/1/2008
UNDER THE NEW RULES
Higher profits are allowed in the initial pricing, but the higher profits can ONLY be kept IF THEY KEEP PREMIUMS LEVEL.
Margin for Error
BEFORE 10/1/2008
AFTER 10/1/2008
Actuarial Certification
BEFORE 10/1/2008
AFTER 10/1/2008
Not all policies are covered under these new regulations.
Although these regulations are working very well in Georgia, these regulations only apply to policies purchased in Georgia after the regulation became effective. These regulations became effective in Georgia on October 1st, 2008. All policies purchased after October 1st, 2008 ARE protected by these regulations.
*Many group policies (like the Federal Long-Term Care Insurance Program, CalPERS, and other self-funded groups) do not have to comply with the Rate Stability Regulation.
Shop and Compare for Long Term Care
Our focus is to help you get the coverage you want, from a top insurance company, for the lowest possible premium.
Shop and Compare for Long Term Care
Our focus is to help you get the coverage you want, from a top insurance company, for the lowest possible premium.