HB 5209 Summary

• Allows taxpayers to deduct long-term care insurance premiums paid during the taxable year beginning January 1, 2024, from Connecticut state income taxes for policies issued under sections 38a-475, 38a-501, or 38a-528.

• Requires insurance companies filing for long-term care premium rate increases of 20% or more to spread the increase over at least three years with no additional rate filings during that period.

• Requires insurers to notify policyholders of rate increases and provide 30 calendar days to elect reduced benefits or minimum affordable benefit options developed by the insurance commissioner.

• Mandates public hearings with 14 days' advance notice for any long-term care premium rate increase exceeding 10%.

• Effective July 1, 2024; tax deduction applies to taxable years commencing January 1, 2024 or later.