Department of Aging - Long-Term Care Insurance - Study
The bill's findings could significantly impact state laws related to how long-term care services are funded and accessed. Specifically, it seeks to evaluate a public, time-limited long-term care benefit funded through payroll deductions, as well as a reinsurance model aimed at providing financial stability for insurers. By delineating these potential funding models, SB631 could influence future legislation on long-term care, enhancing state capabilities to meet the growing needs of an aging population.
Senate Bill 631, titled 'Department of Aging - Long-Term Care Insurance - Study', mandates the Maryland Department of Aging to contract with an independent consultant for a comprehensive study on long-term care insurance options. The goal of this bill is to explore both public and private options for resource leveraging to assist individuals in preparing for long-term care needs. The scope of the study includes actuarial modeling to assess various potential solutions, focusing on public benefits and public-private risk-sharing initiatives.
Discussion around SB631 may involve debates concerning the financial implications of implementing new long-term care insurance programs. Notably, the expected costs and benefits for participants, potential savings for the Maryland Medical Assistance Program, and any associated legal and financial risks to the state will be critical factors in the assessments made by the independent consultant. Stakeholders including various state departments and public interest groups will likely provide inputs, which may highlight differing priorities regarding state support for aging populations.