Connecticut SB00478 establishes consumer safeguards for long-term care policies, including rate increase notifications and benefit options.

Connecticut SB00478 establishes consumer safeguards for long-term care policies. It mandates that insurers notify policyholders of premium rate increases and provide options to reduce benefits or elect minimum affordable benefit options. Insurers must file annual reports on incurred losses and actual paid losses. The Office of Policy and Management will educate consumers on long-term care needs, financing mechanisms, and available insurance options. The bill also outlines procedures for the Attorney General to address violations by insurers.

Connecticut SB00478 establishes consumer safeguards for long-term care policies, including rate increase notifications and benefit options.

Connecticut SB00478 establishes consumer safeguards for long-term care policies. It mandates that insurers notify policyholders of premium rate increases and provide options to reduce benefits or elect minimum affordable benefit options. Insurers must file annual reports on incurred losses and actual paid losses. The Office of Policy and Management will educate consumers on long-term care needs, financing mechanisms, and available insurance options. The bill also outlines procedures for the Attorney General to address violations by insurers.