Insurance and Real Estate Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-5521

Title:

AN ACT CONCERNING SHORT-TERM CARE INSURANCE.

Vote Date:

3/17/2016

Vote Action:

Joint Favorable

PH Date:

3/8/2016

File No.:

359

SPONSORS OF BILL:

Insurance and Real Estate Committee

REASONS FOR BILL:

This bill will add short term insurance as new type of health insurance coverage and requires the Insurance Commissioner to adopt regulations concerning short term care insurance policies.

RESPONSE FROM ADMINISTRATION/AGENCY:

None Expressed

NATURE AND SOURCES OF SUPPORT:

Steven Bugg, Clinton, CT feels that the CT has been a Long-Term Care (LTC) insurance only state. One major defining difference between LTC and STC products is that LTC insurance must cover a minimum of 1 year of benefits whereas STC insurance covers up to 12 months of care.

STC plans will help fill this void by offering the following advantages over LTC plans:

(1) Lower premiums for entry level consumers

(2) Less restrictive underwriting for those consumers with existing health problems

(3) Less complicated access to benefits

(4) Quicker access to benefits

There should be a way to make STC products available to the resident of CT.

NATURE AND SOURCES OF OPPOSITION:

None Expressed

Reported by: Diane Kubeck

Date: April 1, 2016