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Bill

HB 997

Long-term care insurance; premium rate increases, regulations.

2026 Regular Session Introduced by Holly Seibold

HB 997 regulates long-term care insurance premium increases in Virginia to protect policyholders from unaffordable rate hikes while maintaining insurer viability.

Assigned HCL sub: Subcommittee #1
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WeVote Research Nonpartisan
Bill Summary · HB 997

Legislative bill overview

HB 997 establishes regulations governing premium rate increases for long-term care insurance policies in Virginia. The bill aims to create oversight mechanisms and restrictions on how insurance companies can adjust rates for existing policyholders, addressing concerns about affordability and stability of long-term care coverage.

Why is this important

Long-term care insurance is critical for individuals planning for potential nursing home, assisted living, or home care expenses, which can cost $50,000-$100,000+ annually. Unregulated premium increases can force seniors and disabled individuals to abandon coverage they've paid into for years, leaving them vulnerable to catastrophic costs. This bill directly affects affordability and accessibility of long-term care protection for Virginia residents.

Potential points of contention

  • Insurance industry burden: Restrictions on rate increases may reduce insurer profitability and potentially discourage companies from offering long-term care products in Virginia, limiting consumer options
  • Actuarial soundness vs. consumer protection: Balancing the need for insurers to raise rates based on actual claims experience against protecting policyholders from unaffordable increases
  • Scope and enforceability: Questions about what rate increase thresholds are "reasonable" and how the state will monitor and enforce compliance without creating excessive regulatory bureaucracy

Compiled from official sources — confirm details with the bill’s official record.

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