Long-Term Care Security Act
Directs OPM, without regard to statutes requiring competitive bidding, to contract with one or more qualified carriers to provide such insurance. Sets forth contract terms and conditions, including that the carrier participate in an administrative process to settle claim disputes. Provides for seven-year contracts. Requires OPM, after a certain period, to recommend to specified congressional committees whether the insurance program should be continued. Requires each master insurance contract to include full portability of benefits.
Makes insured individuals responsible for 100 percent of the charges of coverage and allows individuals to have amounts withheld from pay for their coverage and coverage for qualified relatives. Requires each carrier to maintain a separate accounting of premium amounts received.
Provides that contract terms for coverage or benefits under this Act shall preempt State and local law relating to long-term care insurance or contracts.
Requires qualified carriers to furnish reasonable reports and permit audits. Requires two reports from the General Accounting Office to OPM and each House of Congress evaluating the insurance program.
Provides jurisdiction for disputed claims through U.S. district courts after exhausting all available administrative remedies.
Became Public Law No: 106-265.