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Office of Insurance Regulation

Long-Term Care Insurance

Long-term care (LTC) insurance is a product sold in Florida that helps seniors pay for the cost of long-term care for ongoing or chronic health problems. These policies are often used to supplement other types of insurance and government programs including traditional health insurance, Medicare, and Medicaid. One benefit of the growth of private long-term care insurance is that it has relieved senior’s financial dependence on Medicaid.

Commissioner Kevin McCarty has become a leader in the development of regulations for this product to ensure consumer protections for the growing number of Florida’s seniors. In 2006, the Florida Legislature passed HB 947 Senior Protection Bill which offers the most comprehensive regulation of LTC products in the nation.

This legislation prevents companies from refusing payment for errors on the application after the first two years of the policy. It also melds Florida’s laws with national standards for Long-Term Care Partnerships to coordinate spend-down requirements for Medicaid. Perhaps the most important provision is that it protects seniors from unlawful rate increases for LTC products.

Commissioner McCarty’s leadership on this issue has prompted the United States Congress ask the commissioner to testify before the House’s Subcommittee on Oversight and Investigations Hearing on Regulation of Long-Term Care Insurance to discuss the successes of Florida’s regulatory framework.

On July 24, 2008, Commissioner McCarty testified before Congress and submitted written testimony on this important issue.