Posts Tagged ‘long term care coverage’

Virginia Changes Regs on Long-Term Care Insurance

 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…

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small business owners are finding their retirment plans delayed, if not abandoned

Transfers/gifts, to children or other family members, of the business, could, years later, result in extended periods without any long-term care coverage of any kind.