EXPLANATION: CAPITALS INDICATE MATTER ADDE D TO EXISTING LAW .
[Brackets] indicate matter deleted from existing law.
*sb0631*
SENATE BILL 631
O2, C4 4lr0704
CF HB 349
By: Senator Kelly
Introduced and read first time: January 26, 2024
Assigned to: Finance
A BILL ENTITLED
AN ACT concerning 1
Department of Aging – Long–Term Care Insurance – Study 2
FOR the purpose of requiring the Department of Aging to contract with an independent 3
consultant to complete an insurance study on public and private options for 4
leveraging resources to help individuals prepare for long–term care services and 5
support needs; and generally relating to long–term care insurance. 6
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 7
That: 8
(a) The Department of Aging shall contract with an independent consultant to 9
complete an insurance study, that includes actuarial modeling, on public and private 10
options for leveraging resources to help individuals prepare for long–term care services and 11
support needs. 12
(b) The actuarial modeling required under subsection (a) of this section shall 13
analyze: 14
(1) a public, time–limited long–term care insurance benefit for workers, 15
funded through a payroll deduction; and 16
(2) a public–private reinsurance or risk–sharing option with the purpose of 17
providing additional insurance capacity in the State by providing a stable and ongoing 18
source of reimbursement to insurers for a portion of their long–term care services. 19
(c) The analysis required under subsection (b) of this section shall include for 20
each model: 21
(1) the expected costs and benefits for participants; 22
(2) the total anticipated number of participants; 23 2 SENATE BILL 631
(3) the projected savings to the Maryland Medical Assistance Program, if 1
any; and 2
(4) legal and financial risks to the State. 3
(d) The study shall include input from: 4
(1) the Maryland Department of Health; 5
(2) the Department of Disabilities; 6
(3) the Department of Aging; 7
(4) the Maryland Insurance Administration; 8
(5) the Maryland Department of Labor; and 9
(6) other interested stakeholders. 10
(e) (1) On or before December 31, 2024, the Department of Aging shall submit 11
an interim report with a summary of the progress of the study required under subsection 12
(a) of this section to the Governor and, in accordance with § 2–1257 of the State Government 13
Article, the General Assembly. 14
(2) On or before December 31, 2025, the Department of Aging shall submit 15
a final report with the results of the study required under subsection (a) of this section to 16
the Governor and, in accordance with § 2–1257 of the State Government Article, the 17
General Assembly. 18
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 19
1, 2024. 20