Michigan Laws 500.3929 – Increasing premiums prohibited; conditions
Current as of: 2023 | Check for updates
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The premiums charged to an insured for long-term care insurance shall not increase due to either of the following:
(a) The increasing age of the insured at ages beyond 65.
Terms Used In Michigan Laws 500.3929
- Long-term care insurance: means an individual or group insurance policy, certificate, or rider advertised, marketed, offered, or designed to provide coverage for at least 12 consecutive months for each covered person on an expense-incurred, indemnity, prepaid, or other basis for 1 or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, personal, or custodial care services provided in a setting, including an assisted living facility operating legally in this state, but not including an acute care unit of a hospital. See Michigan Laws 500.3901
- Policy: means an insurance policy or certificate, rider, or endorsement delivered or issued for delivery in this state by an insurer or subsidiary of a nonprofit health care corporation. See Michigan Laws 500.3901
(b) The duration the insured has been covered under the policy.