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Press Release

Long-Term Care Report Released; Topic Of Public Hearings
Thursday, August 18, 2005
Contact:   Beth Scott
                850/ 413-2515
 
Tallahassee – With the release of a report highlighting the need for protection against skyrocketing Long-Term Care costs, the Florida Office of Insurance Regulation announces two public hearings to solicit input from consumers, industry representatives and state officials as part of a comprehensive analysis of the Long-Term Care Insurance (LTCI) market.
 
The hearings are in Tampa on Aug. 26 from 10 a.m - 3 p.m. at the Marriott Tampa Westshore, 1001 N. Westshore Blvd., and in Miami from 10 a. m. - 3 p.m on Aug. 31 at the Marriott Miami Airport, 1201 LeJeune Road.
 
The first phase was a review of the overall Long-Term Care market and developing issues nationally with a particular focus on issues specific to Florida.  The results of the first phase are provided in a summary report that shows an ever-increasing need for protection against high costs but also shows consumers are not turning to LTCI for protection.
 
"Private Long-Term Care insurance is an important tool that has not lived up to its potential," Florida Insurance Commissioner Kevin McCarty said. "We need to look at the problems and work to make private insurance an important part of Long-Term Care in Florida."
 
Nationally there have been significant problems with the private LTCI market including pricing, contract specifications and availability. Coupled with these problems is concern about Medicare/Medicaid having the financial strength to continue as a backstop for seniors.
 
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