An Act Establishing A Tax Credit For Premium Payments For Certain Long-term Care Insurance Policies.
Impact
If enacted, SB00286 would alter Title 12 of the general statutes to incorporate provisions for these tax credits, potentially leading to increased affordability and accessibility of long-term care insurance for residents. This would not only benefit the insured but also aim to alleviate some of the financial pressures associated with long-term healthcare, by encouraging more individuals to plan for future healthcare needs proactively. It may also support broader public health goals by promoting care in home settings, which can enhance quality of life and reduce institutionalization.
Summary
SB00286 proposes to establish a tax credit for individuals and groups that purchase long-term care insurance policies. These policies are intended to provide benefits specifically for healthcare services rendered in the insured individual's home. The proposal aims to incentivize the purchase of such insurance, which is increasingly considered critical in light of the aging population and the rising costs of long-term care.
Contention
The bill is expected to generate discussions around the implications of providing tax credits for long-term care insurance. Proponents argue that incentivizing such policies would lead to better financial stability for families as they navigate healthcare needs. Conversely, opponents may raise concerns regarding the cost of tax credits to the state budget, questioning whether such financial incentives would effectively lead to sufficient uptake of long-term care insurance or merely serve as a subsidy without substantial impact on behavior.
An Act Concerning Insurance Market Conduct And Insurance Licensing, The Insurance Department's Technical Corrections And Other Revisions To The Insurance Statutes And Captive Insurance.