Page:United States Statutes at Large Volume 114 Part 1.djvu/805

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PUBLIC LAW 106-265—SEPT. 19, 2000 114 STAT. 769 individual described in paragraph (3) or (4) of section 9001, or a qualified relative thereof, shall be prescribed by the Office in consultation with the appropriate Secretary. "(d) INFORMED DECISIONMAKING.— The Office shall ensure that each eligible individual applying for long-term care insurance under this chapter is furnished the information necessary to enable that individual to evaluate the advantages and disadvantages of obtaining long-term care insurance under this chapter, including the following: "(1) The principal long-term care benefits and coverage available under this chapter, and how those benefits and coverage compare to the range of long-term care benefits and coverage otherwise generally available. "(2) Representative examples of the cost of long-term care, and the sufficiency of the benefits available under this chapter relative to those costs. The information under this paragraph shall also include— "(A) the projected effect of inflation on the value of those benefits; and "(B) a comparison of the inflation-adjusted value of those benefits to the projected future costs of long-term care. "(3) Any rights individuals under this chapter may have to cancel coverage, and to receive a total or partial refund of premiums. The information under this paragraph shall also include— "(A) the projected number or percentage of individuals likely to fail to maintain their coverage (determined based on lapse rates experienced under similar group long-term care insurance programs and, when available, this chapter); and "(B)(i) a summary description of how and when premiums for long-term care insurance under this chapter may be raised; "(ii) the premium history during the last 10 years for each qualified carrier offering long-term care insurance under this chapter; and "(iii) if cost increases are anticipated, the projected premiums for a typical insured individual at various ages. "(4) The advantages and disadvantages of long-term care insurance generally, relative to other means of accumulating or otherwise acquiring the assets that may be needed to meet the costs of long-term care, such as through tax-qualified retirement programs or other investment vehicles.

  • '§ 9009. Cost accounting standards

"The cost accounting standards issued pursuant to section 26(f) of the Office of Federal Procurement Policy Act (41 U.S.C. 422(f)) shall not apply with respect to a long-term care insurance contract under this chapter.". (b) CONFORMING AMENDMENT. —The analysis for part III of title 5, United States Code, is amended by adding at the end of subpart G the following: "90. Long-Term Care Insurance 9001. ".