Connecticut House Bill HB05471

Connecticut 2021 Regular Session

• Introduced: 1/25/21
• Refer: 1/25/21

Caption

An Act Concerning Long-term Care Insurance.

Impact

If enacted, HB05471 would introduce new guidelines for long-term care insurance policies, aiming to enhance transparency and fairness in the insurance market. The bill is expected to enforce stricter regulations on insurance providers, requiring them to offer clearer information regarding coverage options and potential out-of-pocket costs associated with long-term care. This initiative is particularly significant in a climate where many consumers face confusion regarding their insurance options and potential costs of care as they age.

Summary

House Bill HB05471 is designed to amend existing statutes to better protect consumers who are planning for long-term care. The primary objective of the bill is to ensure that individuals have access to the necessary protections when purchasing long-term care insurance. This legislation acknowledges the increasing need for reliable long-term care options as the population ages and emphasizes consumer empowerment in making informed decisions about their healthcare and future financial obligations.

Contention

While the bill has garnered support from consumer advocacy groups who emphasize the importance of protecting elderly consumers, there may be resistance from insurance companies concerned about the potential costs and administrative burdens imposed by the new regulations. Potential points of contention include debates about the adequacy of consumer protections versus the operational flexibility of insurance providers. Lawmakers may encounter differing opinions on how best to balance consumer interests with industry sustainability.