What happens to my benefits if my long-term-care insurance company goes under? --K.W., New York City
Each state has a guaranty association and special procedures to help protect policyholders from insolvent insurers. If an insurer starts to have financial troubles, the insurance regulator in the company’s home state would step in and “oversee the operations of the company and try to implement a plan to restore the company to sound financial footing,” says Sean McKenna, spokesman for the National Organization of Life and Health Guaranty Associations. The insurance department may also work with the state’s guaranty association to find another company to take over its business.
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