Connecticut HB05304 allows an income tax deduction for long-term care insurance premiums and mandates public hearings for premium rate increases over.

Connecticut HB05304 introduces an income tax deduction for long-term care insurance premiums. It requires insurance companies to notify policyholders and provide them with options to reduce benefits or switch to minimum affordable options if premiums increase by more than 10%. Policyholders must be given at least 30 days to decide. If no action is taken, the existing policy benefits are retained. The bill also mandates public hearings for premium rate increases exceeding 10%, with policyholders notified at least 14 days in advance.

Connecticut HB05304 allows an income tax deduction for long-term care insurance premiums and mandates public hearings for premium rate increases over.

Connecticut HB05304 introduces an income tax deduction for long-term care insurance premiums. It requires insurance companies to notify policyholders and provide them with options to reduce benefits or switch to minimum affordable options if premiums increase by more than 10%. Policyholders must be given at least 30 days to decide. If no action is taken, the existing policy benefits are retained. The bill also mandates public hearings for premium rate increases exceeding 10%, with policyholders notified at least 14 days in advance.