What's on the docket?
A Democratic senator introduced S9082, the “Long Term Care Trust Act,” in May of 2022. As introduced, it provides the opportunity for individuals with private LTC coverage to opt-out from the State Plan, however, this does not include hybrid products.
Where do things stand?
The bill was referred to the Senate Health Committee and the legislature did not meet again before the end of the 2021-2022 legislative session. Legislation does not carry over into the 2023-2024 legislative session.
In preparation for the 2023 legislative session, Allstate, Chubb, Transamerica and Trustmark are working closely with the Life Insurance Council of New York (LICONY) to educate the Senator on LTC riders included with life insurance policies. The goal is to increase education on hybrid life products so that these products will be given consideration for the opt-out in future legislation.