Recent Updates:
The Massachusetts Executive Office of Health and Human Services (EOHHS) recently selected Milliman to perform a feasibility study for a potential LTC Insurance program to be offered. The study will involve both stakeholder engagement and actuarial analysis and will be conducted over the next six months.
A democratic house representative officially introduced House Bill 652 to create a special commission that would make recommendations to establish a statewide long-term care insurance program. The bill was referred to the Committee on Elder Affairs which held a hearing on May 15, 2023.
Where are things?
Governor Maura Healey (D) signed a $56.2 billion FY2024 budget bill, which includes funding for an actuarial study on a statewide long-term care insurance program in connection with H. 652, which is pending in the Joint Committee on Elder Affairs. As previously reported, H. 652, would establish a special commission to study and make recommendations to establish a statewide long-term care insurance program and the Executive Office of Health and Human Services to produce an actuarial report of the recommendations made by the commission. The Committee has held one hearing on the bill and is expected to take it up again in this Fall.
There is a potential conflict regarding the delivery date of the actuarial report that will need to be remedied. The bill requires the report to be delivered no later than two years after the effective date of the Act, which projects out to possibly Sept 1, 2025. The budget appropriation requires the report to be delivered no later than 270 days after the effective date of the budget, which will project to around May 1, 2024 (which may be even before H. 652 passes).
Additional resources
Sources of Information: Trustmark, Finseca, NABIP and NAIFA
Revised: Oct 1, 2024