Kentucky House Bill HB387

Kentucky 2023 Regular Session

• Introduced: 2/21/23
• Refer: 2/21/23
• Refer: 2/28/23
• Report Pass: 3/2/23
• Engrossed: 3/8/23
• Refer: 3/8/23
• Refer: 3/10/23
• Report Pass: 3/13/23
• Enrolled: 3/15/23
• Chaptered: 3/20/23
• Passed: 3/20/23

Caption

AN ACT relating to reorganization.

Impact

If enacted, HB 387 will amend existing laws to facilitate the operation of long-term care insurance policies while enabling policyholders to qualify for Medicaid benefits without depleting their assets. This not only impacts individuals pursuing long-term care options but could also transform the regulations governing health insurance practices in Kentucky. Reports to the Legislative Research Commission will document progress and measure the program's effectiveness in increasing the long-term care insurance uptake.

Summary

House Bill 387 aims to establish the Kentucky Long-Term Care Partnership Insurance Program, which is designed to encourage residents to invest in long-term care insurance. This initiative may ultimately help reduce the financial burden on the state's Medicaid program by fostering private insurance usage for long-term care needs. By creating a structured partnership between the Department for Medicaid Services and the Department of Insurance, the bill outlines provisions for uniform training materials for agents and the approval process for long-term care partnership insurance policies, reflecting a comprehensive approach to insurance regulation and consumer protection in this sector.

Sentiment

The sentiment surrounding HB 387 has generally been positive among proponents who believe it will provide necessary financial assistance for Kentucky's aging population and alleviate the strain on state resources currently allocated for long-term care services. Critics, however, may argue about the potential costs associated with implementing such a partnership program and whether it adequately addresses the needs of low-income residents who may struggle with accessing comprehensive insurance coverage.

Contention

One contention area within the discussions of HB 387 is the balance between encouraging personal responsibility in long-term care planning and ensuring sufficient state oversight of insurance products. Advocates for the bill emphasize the importance of creating an environment where individuals are incentivized to secure their health futures through insurance, while some stakeholders express concerns that this shift could lead to inadequate coverage for those unable to afford insurance, thereby potentially increasing reliance on state-funded care solutions.