Americans for Prosperity Calls Out Insurance Department Effort to Undercut Long Term Care Insurance Market as State Did With Health Insurance
MANCHESTER – Americans for Prosperity – New Hampshire (AFP-NH) today called out an effort to by the New Hampshire Department of Insurance to add burdensome regulations to the long-term care insurance market. Similar regulations, sponsored by then-State Senator Jeanne Shaheen, to the health insurance market drove numerous insurers out of the state and drove the cost of health care policies from among the least expensive to among the most costly in the nation. Today’s New Hampshire Union Leader outlined the Insurance Department’s efforts to bring severe regulation and price controls to the long-term care marketplace.
“Those who cannot remember the past are condemned to repeat it,” said Greg Moore, AFP-NH State Director. “It’s clear that Commissioner Sevigny learned absolutely nothing from the disastrous law that Jeanne Shaheen passed that devastated our health insurance marketplace and drove healthcare premiums through the roof. The job of the Insurance Department is not to tell companies to adjust for risk, that’s the job of the free market. These regulations are a recipe for market failure, which will lead to companies leaving the state and higher insurance premiums. This is a huge issue, since long-term care insurance helps to protect the state’s Medicaid program from higher nursing home utilization. These regulations will actually increase the cost to Medicaid, a program that is seeing its costs already spiraling out of control. The Insurance Department needs to pull back these poorly thought out rules and stop trying to place an unnecessary layer of regulations on the long-term care insurance market.”
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