Bill > SB01278

This bill addresses long-term care insurance by implementing three key changes. First, the bill allows taxpayers to deduct long-term care insurance premiums from their state income taxes starting in the 2025 tax year, providing a financial incentive for individuals to obtain this type of insurance. Second, the bill requires insurance companies to hold a public hearing for any long-term care insurance premium rate increases that exceed 10%, ensuring greater transparency and allowing policyholders to understand and potentially challenge significant rate hikes. Third, the bill mandates that insurance companies provide policyholders with at least 14 days' advance notice of such public hearings, giving consumers an opportunity to prepare and potentially participate in the rate increase discussion. These changes aim to make long-term care insurance more affordable and accessible by providing tax benefits and increasing consumer protections around premium rate increases. The bill applies to various types of insurance providers, including insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers.

Budget and Finance, Business and Industry, Health and Social Services

Aging Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01278&which_year=2025