The Connecticut Mirror spent more than a year investigating a troubled long-term care insurance industry that has burdened tens of thousands of seniors with steep rate increases and unstable coverage just as they need it most. Despite the state’s prominence in insurance, the reporting uncovered questionable industry practices, widespread consumer complaints, and limited legislative action. The findings spurred more than a dozen proposed bills aimed at providing financial relief and stronger protections for policyholders.
Judges’ comments:
“Priced Out” wove together the best elements of investigative journalism to produce a timely body of reporting on the social and financial fallout of a market failure affecting hundreds of thousands of Connecticut residents, and millions of Americans. Long-term care insurance seemed like a great idea, until it wasn’t, including in the state considered the nation’s insurance capital. The analysis that showed some policyholders have been confronted with rate hikes of 174% was eye-popping, as was the revelation that Genworth Financial ties executive compensation to success in extracting rate hikes from policyholders. The impact the stories have had, with new consumer protections under active debate in the state legislature, says it all.