RICHMOND, Va. (AP) — Virginia regulators are encouraging long-term care insurance policyholders to take advantage of changes that strengthen protections against unintentional coverage lapses due to nonpayment.
The Bureau of Insurance of the State Corporation Commission says insurers have long been required to provide policyholders with the option to designate a third party to receive notice of an impending policy lapse.
But officials say the verification of delivery of such notice has been strengthened with recent regulatory revisions.
Starting in 2015, long-term care insurers will be required to retain written receipt evidencing mailing of the notice to the designated individuals for at least three years.
Long-term care insurance policies are designed to help aging individuals with the costs of medical and personal care.