HB 6577 Summary

• Allow taxpayers to deduct long-term care insurance premiums paid in taxable years beginning January 1, 2023 and thereafter from Connecticut adjusted gross income.

• Require insurance companies filing premium rate increases of 20% or more on long-term care policies to spread increases over at least three years using actuarially equivalent periodic increases.

• Mandate insurers notify policyholders of rate increases at least 30 days in advance and provide options to reduce benefits or elect minimum affordable benefit coverage developed by the commissioner.

• Require public hearings for premium rate increases exceeding 10%, with policyholders notified at least 14 days in advance.

• Establish default coverage retention if policyholders do not elect benefit reductions or alternative options by end of notice period and do not cancel their policies.