Enabling informed consumer choice in the long-term care insurance market.

Abstract:

:Provisions in the Health Insurance Portability and Accountability Act of 1996 (HIPAA) may increase private long-term care insurance sales without imposing substantially more stringent consumer-protection features. The ability of consumers to make informed choices when purchasing this complex product is examined in light of these changes. Data were collected through detailed examinations of policies and interviews with industry experts, insurance companies, agents, consumer groups, and regulators. Because of the complexity of this product, the goals of expanding, consumer choice and ensuring that consumers are able to make informed decisions often work against each other. Mechanisms are discussed through which the government can facilitate informed choice and improve consumer protection. The authors contend that, because the government is providing tax incentives that encourage consumers to purchase the product, it has the responsibility to ensure that consumers understand the long-term care insurance they purchase.

journal_name

J Aging Soc Policy

authors

Lutzky S,Alecxih LM

doi

10.1300/J031v10n03_03

subject

Has Abstract

pub_date

1999-01-01 00:00:00

pages

27-44

issue

3

eissn

0895-9420

issn

1545-0821

journal_volume

10

pub_type

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