Raised Bill No. 409 - Long-Term Care Insurance

• Insurance Department must submit a report by January 1, 2023 evaluating an alternative pool for long-term care policyholders with policies in excess of twenty years, creating a self-contained pool.

• Insurance Department shall hold a public hearing for any long-term care premium rate increase requests exceeding ten percent, with policyholders receiving at least fourteen days advance notice of the hearing date and time.

• Insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers must provide written notice to individuals prior to purchasing a long-term care policy disclosing the risk of premium rate increases, effective January 1, 2023.

• Eligible state residents with federal adjusted gross income less than $200,000 may claim a tax credit equal to twenty percent of premiums paid for individual long-term care policies, applicable to taxable years commencing on or after January 1, 2023.