CT SB00406

Caps premium rate increases for long-term care policies renewed on or after January 1, 2025 at the most recent calendar year average consumer price index for urban consumers, as published by the U.S. Department of Labor.

Rate increase cap applies only to policies initially purchased on or before December 31, 1985, where the policyholder has either attained age 80 or paid a maximum lifetime premium increase of at least 400 percent.

Applies to insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers renewing qualifying long-term care policies in Connecticut.

Requires the Office of Policy and Management, in consultation with the Insurance Department, to submit a report by January 1, 2025, evaluating the feasibility of providing state-financed death benefits based on premiums paid for long-term care policies purchased through the Connecticut Partnership for Long-Term Care.