Long Term Care Health Insurance

Long Term Care Insurance

Benjamin Franklin helped to popularize and make standard the practice of Long Term Care Insurance, particularly against fire. In 1752, he founded the Philadelphia Contributorship for the Long Term Care Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

In the United States, regulation of the Long Term Care Insurance industry is highly Balkanized, with primary responsibility assumed by individual State Long Term Care Insurance departments. Whereas Long Term Care Insurance markets have become centralized nationally and internationally, State Long Term Care Insurance commissioners operate individually, though at times in concert through a national Long Term Care Insurance commissioner's organization.

In the State of New York, which has unique laws in keeping with its stature as a global business center, attorney general Elliott Spitzer has been in a unique position to grapple with major national Long Term Care Insurance brokerages. Spitzer found that Marsh & McLennan steered business to Long Term Care Insurance carriers based on the amount of contingent commissions that could be extracted from carriers, rather than basing decisions on whether carriers had the best deals for clients.