Bill > SF3484

This bill modifies the inflation protection requirements for long-term care partnership policies, which are insurance plans designed to help individuals pay for long-term care services and offer Medicaid benefits if the policy benefits are exhausted. Specifically, for policies sold on or after July 1, 2015, the minimum annual inflation protection must be at least one percent or tied to changes in the Consumer Price Index (CPI), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. For policies sold before July 1, 2015, the minimum inflation protection is three percent annually, tied to CPI changes, or one percent annually if the policyholder requests a reduction. The bill also clarifies that for policies sold before July 1, 2015, policyholders can request a reduction in the inflation protection rate to one percent per year. These changes are set to take effect on January 1, 2027, or upon federal approval, whichever comes later.

Business and Industry, Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3484&ssn=0&y=2025