The long-term care insurance sector made a powerful enemy last week when presidential candidate Barack Obama called for a wide-ranging federal investigation of reported abuses by carriers of elderly claimants. Just what the industry needs–another high-profile Washington probe of alleged insurer wrongdoing!
I first raised this subject in my blog on March 27, headlined “Another Black Eye.” I said then that even though LTC is not a property-casualty coverage, since the general public doesn't make any distinction about different insurance sectors, the entire industry will inevitably be tarred with the same brush.
As reported by NU's Allison Bell, Sen. Obama–the charismatic Illinois Democrat who is matching his chief rival, Sen. Hillary Clinton, D-N.Y., dollar for dollar on the fundraising trail–wrote to the U.S. Government Accountability Office to ask for a probe into a New York Times reporters allegations of widespread LTC insurance claims problems.
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