AN ACT CONCERNING LONG-TERM CARE INSURANCE PREMIUM RATES.

Plain English Breakdown

Checked against official source text during the last sync.

Act About Long-Term Care Insurance Premiums

This act allows people to deduct long-term care insurance premiums from their income tax, requires the Insurance Department to hold public hearings for premium rate increases over ten percent, and mandates that policyholders receive advance notice of these hearings.

What This Bill Does

• Allows people to subtract long-term care insurance costs from their taxes.
• Requires the Insurance Department to have a public meeting if long-term care premiums increase by more than ten percent.
• Needs insurance companies to tell policyholders about upcoming rate increases and public meetings at least two weeks in advance.

Who It Names or Affects

• People who buy long-term care insurance
• Insurance companies that sell long-term care policies

Terms To Know

Premium

The amount of money paid regularly to keep an insurance policy active.

Policyholder

A person who has bought and holds an insurance policy.

Limits and Unknowns

• It is not clear if the bill will be signed into law or what further actions may happen.
• The act does not specify how much of a tax deduction people can claim for long-term care insurance premiums.

Official Summary Text

To (1) allow an income tax deduction for long-term care insurance premiums, (2) require the Insurance Department to hold a public hearing for long-term care premium rate increase requests that exceed ten per cent, and (3) require that policyholders are provided advance notice of such hearing.

Current Bill Text

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General Assembly Substitute Bill No. 5304
February Session, 2026

AN ACT CONCERNING LONG-TERM CARE INSURANCE PREMIUM
RATES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. (NEW) (Effective January 1, 2027) The Insurance Department 1
shall hold a public hearing on any long-term care premium rate increase 2
request that exceed s ten per cent. The Insurance Department shall 3
provide notice of any such hearing electronically to the joint standing 4
committees of the General Assembly having cognizance of matters 5
relating to insurance and aging not less than fourteen days in advance 6
of such hearing. Any insurance company, fraternal benefit society, 7
hospital service corporation, medical service corporation or health care 8
center that requests such premium rate increase shall provide each 9
policyholder with written notice of the date and time of such hearing 10
not less than fourteen days in advance of such date. 11
Sec. 2. (NEW) ( Effective January 1, 2027 ) No insurance company, 12
fraternal benefit society, hospital service corporation, medical service 13
corporation or health care center may deliver, issue for delivery, renew, 14
continue or amend any long -term care policy in this state on or after 15
January 1, 2027, unless such insurance company, fraternal benefit 16
society, hospital service corporation, medical service corporation or 17
health care center provides written notice to an individual prior to the 18
purchase of any long-term care policy of the risk of future premium rate 19
Substitute Bill No. 5304

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increases. 20
This act shall take effect as follows and shall amend the following
sections:

Section 1 January 1, 2027 New section
Sec. 2 January 1, 2027 New section

AGE Joint Favorable Subst.
APP Joint Favorable