State Senator Kevin Kelly Praises Advancement of Legislation Concerning Long-Term Care Policies

Hartford – Yesterday, State Senator Kevin Kelly (R-21) joined members of the State Senate in unanimously passing a bill seeking to better long-term insurance care options.

Senate Bill 1153, An Act Establishing a Task Force to Study Life Insurance Policy and Annuity Conversions and the Provision of Certain Notifications by Life Insurance Companies, will establish a task force to examine ways to allow an insured under a life insurance policy or a contract holder of an annuity to convert such policy or annuity to a long-term care policy.

“The main purpose behind establishing this task force is to find more effective avenues to increase long-term care for people, seniors in particular,” said Senator Kelly. “Hopefully, with more people participating and privately investing in their own long term care earlier, the cost of long term care insurance will become affordable, which will help the state reduce its Medicaid costs in the future. This will help both families and taxpayers.”

The task force will include appointed members and the Insurance Commissioner or his/her appointee. The task force will be responsible for submitting a report with findings to the General Assembly’s Insurance Committee by January 1, 2012.

Senator Kelly noted that, “These results will provide folks with information and ways to get into long-term care insurance earlier. Taking steps such as these will deliver more options for individualized self-directed needs and improve quality of care, and will also go a long way towards supporting the “aging in place” initiative which saves both recipients and insurers money.”

“I look forward to the final passage of this bill as well as the findings of the task force.”

Senate Bill 1153 now goes to the floor of the House for a final vote.

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