Consumer Protection Standards for Long Term Care Insurance Act of 1991

[AI summary unavailable — showing source text] Consumer Protection Standards for Long Term Care Insurance Act of 1991 - Amends title XIX (Medicaid) of the Social Security Act to afford Federal consumer protection to purchasers of long-term care insurance policies by requiring that before such policies may be issued or sold they must have been either certified by the Secretary of Health and Human Services as meeting the minimum Federal standards and requirements outlined below or approved by the State commissioner of insurance under a State regulatory program that incorporates such standards. Outlines Federal standards long-term care insurance policies must meet, including those which mandate that such policies: (1) offer inflation protection features, nonforfeiturable benefits after a certain vesting period should the policy lapse, and approved premium rates; (2) be guaranteed renewable except for nonpayment of premiums or material misrepresentation; (3) use simple, easily understood English in a standard format; (4) allow for alternative payors; (5) allow purchasers 30 days to rescind their purchase of the policy and to have the premium refunded; (6) not condition eligibility for benefits except in cases of preexisting conditi…