Rhode Island Regulation Helps Curb Long-Term Care Insurance Rate Increases
Rhode Island enacted a long-term care insurance regulation on December 1st, 2008. Rhode Island residents purchasing long-term care insurance after that date are protected by Rhode Island’s Rate Stability Regulation*.
The regulation has helped curb long-term care insurance rate increases in Rhode Island because it forces long-term care insurance companies to lower their profits if they seek a rate increase.
Answer a few short questions and get a customized quote within 24 hours.
We guarantee your information will never be sold, transferred, or distributed to any other entity for commercial purposes. Click here to read our full privacy statement.
Profit Incentive
BEFORE 12/1/2008
UNDER THE OLD RULES
Profits were capped in the initial pricing, but more profit could be made when rate increase was requested.
AFTER 12/1/2008
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 12/1/2008
AFTER 12/1/2008
Actuarial Certification
BEFORE 12/1/2008
AFTER 12/1/2008
Not all policies are covered under these new 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.
Facebook Comments