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Bill

A 3801

Requires the department of financial services publish a report on long-term care insurance rates

2025 Regular Session Introduced by Billy Jones and 1 co-sponsor

Bill A 3801 mandates the Department of Financial Services to publish a report on long-term care insurance rates, enhancing transparency for consumers and insurers.

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · A 3801

Summary of Bill A 3801

Bill Number: A 3801
Title: Requires the Department of Financial Services to Publish a Report on Long-Term Care Insurance Rates
Status: Referred to Insurance
Introduced: January 30, 2025
Classification: Bill

Purpose and Intent

Bill A 3801 aims to enhance transparency and consumer awareness regarding long-term care insurance rates. By mandating the Department of Financial Services (DFS) to publish a comprehensive report, the bill seeks to provide stakeholders—including policymakers, consumers, and insurance providers—with critical information on the pricing trends and factors influencing long-term care insurance.

Key Provisions

  • Report Requirement: The bill requires the DFS to compile and publish a detailed report on long-term care insurance rates. This report will include:

    • An analysis of current rates and historical trends.
    • Factors contributing to rate changes.
    • Comparisons of rates across different insurance providers.
    • Recommendations for consumers regarding long-term care insurance options.

  • Frequency of Reporting: While the bill does not specify the frequency of the report, it is expected that the DFS will provide updates at regular intervals to ensure the information remains relevant and useful.

  • Stakeholder Engagement: The DFS is encouraged to engage with stakeholders, including insurance companies, consumer advocacy groups, and healthcare professionals, to gather diverse insights and data for the report.

Who Would Be Affected

  • Consumers: Individuals considering or currently holding long-term care insurance policies will benefit from increased transparency and access to comparative data, enabling informed decision-making.

  • Insurance Providers: Companies offering long-term care insurance will be impacted as they may need to adjust their pricing strategies based on the findings of the report and the competitive landscape it reveals.

  • Policymakers: Legislators and regulators will gain valuable insights into the long-term care insurance market, which could inform future policy decisions and regulatory actions.

Procedural Aspects

  • Current Status: As of January 30, 2025, the bill has been referred to the Insurance Committee for further consideration.

  • Related Legislation: This bill is related to:

    • A 9343: A prior-session bill that may have addressed similar issues.
    • S 5723: A companion bill in the Senate, which may provide additional context or support for the objectives of A 3801.

Conclusion

Bill A 3801 represents a significant step towards improving the transparency of long-term care insurance rates. By requiring the Department of Financial Services to publish a detailed report, the bill aims to empower consumers and inform stakeholders about the dynamics of the long-term care insurance market. The outcome of this bill could lead to more competitive pricing and better-informed choices for consumers in the long-term care insurance landscape.

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

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