Connecticut Senate Bill SB00642

Connecticut 2011 Regular Session

• Introduced: 1/24/11
• Refer: 1/24/11

Caption

An Act Concerning A Tax Credit For Certain Individual And Group Long-term Care Insurance Policies.

Impact

If enacted, SB00642 will augment state laws related to taxation and health insurance, creating a more favorable environment for individuals to secure long-term care. The tax credit could lead to increased adoption of long-term care insurance among Connecticut residents. This shift could potentially reduce the reliance on state-funded long-term care services, as more residents may opt for private coverage instead. The effect of this legislation could therefore contribute to the overall sustainability of long-term care funding in Connecticut, while also enhancing the quality of life for policyholders.

Summary

SB00642 is aimed at establishing a tax credit for individuals and businesses in Connecticut that purchase long-term care insurance policies. The bill specifically focuses on policies that provide benefits for confinement in the insured's own home. This initiative seeks to alleviate some of the financial burdens associated with long-term care, encouraging residents to invest in insurance that could support their health and financial needs as they age. By incentivizing home confinement benefits, the bill aims to promote a preference for care within the home setting over institutional care, aligning with trends in elder care.

Contention

Despite the potential benefits, there may be differing perspectives regarding the implementation of SB00642. Supporters argue that the bill encourages responsible financial planning for healthcare needs among residents, promoting self-sufficiency and reducing state liabilities concerning long-term care. On the other hand, critics may view the bill as insufficient in addressing broader issues related to healthcare costs and access to quality long-term care. Concerns may also arise over the adequacy of the proposed tax credit and whether it sufficiently compensates for the costs incurred by policyholders. Overall, the reception of this bill may hinge on balancing fiscal responsibility with the pressing needs for effective long-term care solutions.