HARTFORD, Conn. (AP) — A bill that attempts to buffer the effect of rising long-term care insurance policy rate increases is heading to Connecticut Gov. Dannel P. Malloy's desk.
The House of Representatives on Monday voted 142-0 in favor of legislation requiring insurance carriers to spread premium rate increases of 20 percent or more over at least three years.
The bill, which already passed the Senate, also requires carriers to notify individual policyholders before imposing a premium rate increase, as well as the option of reducing benefits to reduce premium costs.
The state Department of Insurance supported the legislation. While the bill does not solve the underlying issue of increasing rates, which is occurring across the country, the agency said it hopes the bill will help policy-holders better plan to meet the rising costs.