Sen. Hwang: Speak out on Long-Term Care Insurance

March 15, 2022

Action Alert: Long-Term Care (LTC) Insurance & Real Estate Committee Public Hearing Scheduled for THURSDAY, March 17 at 9:00AM.

In Connecticut there are seniors who, either themselves and/or their families, have made substantial investments into a long-term care insurance program – some for decades. They deserve some kind of protection and assurance to prevent insurance companies from increasing their rates to a point where they would actually have to consider abandoning the monies they have retained. THIS THURSDAY there will be a public hearing on a proposal (S.B. 409) to protect the funds that Connecticut residents have set aside to insure they sustain financial stability in their elder years.

Senate Bill No. 409 seeks to amend the general statutes to:

  • Requires the Connecticut Insurance Department (CID) to conduct a study evaluating the creation of an alternative pool for LTC policyholders who are twenty or more years away from the purchased coverage. A report detailing the results of this study will be due to the Insurance & Real Estate Committee by January 1, 2023.
  • Any proposed rate increase on LTC policies that exceeds 10% is subject to a public hearing before CID. Policyholders must be notified at least 14 days in advance of such a hearing.
  • No insurer may issue, renew or amend any LTC policy without providing written notice to policyholders detailing the risk of rate increases.
  • Any LTC policyholder with annual adjusted gross income less than $200,000 shall be eligible for a credit against the tax imposed in an amount equal to 20% of the LTC premiums paid by that taxpayer.

You can register to speak at the virtual public hearing AND/OR you can submit testimony online.

To submit testimony online and register to speak at the hearing:

Feel free to watch the hearing Thursday, March 17, 2022, at 8:30 am on YouTube.