For Immediate Release:
August 31, 2020
Insurance Commissioner Offers Help to Oklahoma Policyholders with Long-Term Care Insurer in Rehabilitation
OKLAHOMA CITY – In January, regulators in Pennsylvania put midsize long-term care insurance (LTCI) issuer, Senior Health Insurance Company of Pennsylvania (SHIP), in rehabilitation by court order. In response to this court order, the Oklahoma Insurance Department (OID) sent out the letter last week to over 900 Oklahoma consumers with LTCI policies with SHIP to offer help and guidance.
Even though OID is not the SHIP Rehabilitation Plan administrator, Insurance Commissioner Glen Mulready encouraged consumers to contact the department if they need additional assistance.
“Long-term care policies can be confusing,” said Mulready. “Our website has resources that may be helpful as you review your options. You can also call our Consumer Assistance team if you have questions or concerns.”
According to the letter, there will be more changes, yet unannounced that the policyholders should be watching. Mulready advised the policyholders to keep their policy in-force and continue to pay their premiums to avoid cancellation of their policies and loss coverage as they await these changes.
“Our number one priority is consumer protection. We’ve been monitoring the rehabilitation activities on Oklahomans’ behalf and are considering other actions to protect the policyholders’ rights and interests,” Mulready added.