Bill > S2375

This bill proposes to establish a Long Term Care Insurance Partnership Program in Massachusetts. The key provisions are: 1. The Division of Insurance, in consultation with various stakeholders, will submit a state plan amendment to the U.S. Department of Health and Human Services (HHS) to create a Long Term Care Insurance Partnership Program. This program will allow individuals who purchase qualifying long-term care insurance policies to have their assets disregarded when determining financial eligibility for MassHealth (Medicaid) services, up to the amount of their insurance benefits. 2. The Division of Insurance is authorized to develop regulations to implement and administer the Partnership Program, and to assess and collect reasonable fees from insurance agents and companies selling qualifying long-term care insurance policies to cover the program's administration costs. 3. The Division will submit annual reports to the Legislature on the Partnership Program's performance, including the types and number of policies sold, denials, and estimated savings to the MassHealth program. 4. The Division can enter into reciprocal agreements with other states that have similar long-term care insurance partnership programs, allowing for mutual Medicaid asset protection for policyholders. 5. Individuals who purchase qualifying long-term care insurance policies can deduct 50% of their annual premiums, up to $3,000 per year, from their state taxable income.

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https://malegislature.gov/Bills/191/S2375