Bill > SM26

This Memorial requests the Office of Superintendent of Insurance to conduct a thorough study on long-term care insurance, which is a type of insurance designed to cover services and support for individuals needing help with daily activities like bathing and eating, often in various settings, and unlike regular health insurance, it can be more expensive, requires medical underwriting, and its premiums can increase. The study should specifically examine the affordability of these policies, including an analysis of premiums and benefits, the effect of rate hikes on New Mexico residents, and possible ways to help policyholders manage unaffordable premium increases. The Superintendent's office is authorized to hire consultants and hold public hearings, and is required to produce a report with recommendations for protecting consumers who currently have or plan to buy long-term care insurance, with findings to be presented to legislative committees by December 1, 2022.