AN ACT CONCERNING LONG-TERM CARE INSURANCE.

HB 5328 limits how much long-term care insurance companies can raise premiums. It stops insurers from increasing rates for policies older than 15 years by more than the annual cost-of-living increase (based on the U.S. Bureau of Labor Statistics' urban consumer index). The bill also bans single premium hikes of 5% or more and requires insurers to spread any 20% or larger rate increase over at least five years. This directly affects long-term care insurers and policyholders with older policies, particularly seniors relying on these plans.