CT HB05304

Allows Connecticut residents to deduct long-term care insurance premiums from state income tax, effective for taxable years beginning January 1, 2026

Requires insurance companies to hold a public hearing before implementing any long-term care premium rate increase exceeding 10%, with policyholders receiving at least 14 days advance notice of the hearing date

Mandates that premium rate increases of 20% or more must be spread over a minimum of three years, with no additional rate filings permitted during that period

Requires insurers to notify policyholders of rate increases and offer options to reduce benefits or elect minimum affordable benefit coverage, with at least 30 days to make elections

Applies to long-term care policies issued by insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers, effective July 1, 2026