Long time Roosevelt Island resident Joel Packer was featured in a June 18 Eyewitness Channel 7 news story about steep increases in Long Term Care insurance policies.
Click here to view video of the story.
According to Eyewitness Channel 7 news:
One senior New Yorker is fighting back against the long-term care insurance industry as millions face steep premium hikes.
His own policy is going up almost 100% over four years. Now at 83 years old, Joel Packer has decided to take on the insurance industry.
“I’m passionate about this. I’m obsessed with this,” Packer said. “It’s a mission.”
That began when his long-term care insurance premium skyrocketed by 18.5%.
“Mine is going up $3,646 to $4,320.” Packer said…
… And for many seniors, those increases are simply unaffordable.
“I know friends, neighbors, middle class people who had to drop their policies and now they’re in their 80s and they have nothing,” Packer said….
Last January, I asked Roosevelt Island’s NY State Assembly Member Rebecca Seawright’s office:
A Roosevelt Island resident, Joel Packer, contacted Assembly Member Seawright’s office recently regarding what he believes is a fraudulent increase in his Long Term Care Insurance Policy premium payment by the insurer, UNUM. Your office recommended he file a complaint with the NY State Department of Financial Services which he did….
… As the Chair of the NY State Assembly Ageing Committee, does Rebecca have any comment on the Long Term Care Insurance programs available in NY State and comment on Mr Packer’s claim that the long term care premium payment increase on his policy with UNUM was fraudulent?
Have there been any recent hearings by the Assembly Ageing Committee on the issue of Long Term Care insurance policies?…
A spokesperson for Assembly Member Seawright replied:
As Chair of the Assembly Aging Committee, Assembly Member Seawright has oversight of the New York State Office for the Aging.
NYSOFA (New York State Office for the Aging) does not oversee, regulate, or have authority over Long-Term Care insurance policies.
While we cannot comment on the specifics of an individual policy or pending complaint, we encourage residents who believe they have experienced improper premium increases or other issues with their long-term care insurance coverage to file a complaint with the New York State Department of Financial Services, which is the appropriate regulatory authority overseeing insurers in New York.
Here’s more on the skyrocketing cost of Long Term Care insurance.