On Friday, Insurance Commissioner Daniel Judson approved rate increases at once for the insurers that provide coverage to about 55,000 policyholders. On average, those policyholders paying for coverage for nursing homes, home healthcare and assisted living will see rates jump 10 percent a year for the next four years.
The majority of the insurers asked for higher increases, with some requesting up to 300 percent rate hikes.
The commissioner said the negotiations were tense and not every insurer agreed with the rate hikes. One payer, Richmond, Va.-based Genworth Financial, sued Mr. Judson in Suffolk Superior Court over allegations the commissioner overstepped his regulatory authority by holding up a requested increase for four years, The Boston Globe reports.
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The commissioner said the negotiations were tense and not every insurer agreed with the rate hikes. One payer, Richmond, Va.-based Genworth Financial, sued Mr. Judson in Suffolk Superior Court over allegations the commissioner overstepped his regulatory authority by holding up a requested increase for four years, The Boston Globe reports.
