Did you hear us at Minnesota’s Long Term Care Insurance hearing?
On Thursday, August 27, Minnesota’s Department of Commerce held a public hearing on long term care insurance to discuss the future of the product in our state and to have a conversation around any issues or challenges people are experiencing with the coverage. There were also insurance commissioners from three other states in attendance (IA, SD and WI) along with staff members from seven other states (ND, IL, NE, KS, OH, MI, MO, IN, ME).
The Department of Commerce assembled a veritable Who’s Who of people in the long term care industry for this event. In addition to the insurance regulators from across the country, they also brought in panels of actuaries, carrier execs, consumer advocates and policyholders.
Newman Long Term Care participated in two ways on our panel. First, we brought in seven policyholders who shared stories of how LTCI positively impacted their families or loved ones when care was needed. They also discussed the reasons why they purchased and the resources they were able to tap into as a result of owning the coverage. One spoke on how her insurance is the only thing that has allowed her to continue living a full and independent life, while receiving benefits.
Then, our founder, Deb Newman, spoke briefly about the current state of the long term care insurance market and some of the positives seen recently (including the State’s new lower inflation options that make asset protection through our state Partnership Program more affordable)
Click here to listen: https://www.newmanlongtermcare.com/?attachment_id=503 (Running time, 38 minutes)
We were honored to be able to be part of the discussion on such an important topic.
