Bill Text: MA H934 | 2009-2010 | 186th General Court | Introduced
Bill Title: Increasing the benefits payable in policies for long-term care insurance
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 10/14 at 10:00 AM in Hearing Room A2 [H934 Detail]
Download: Massachusetts-2009-H934-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Michael F. Kane
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act Relative to Long Term Care Insurance.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Michael R. Knapik |
Second Hampden and Hampshire |
|
James T. Welch |
6th Hampden |
|
Stephen R. Canessa |
12th Bristol |
|
Rosemary Sandlin |
3rd Hampden |
|
Christopher J. Donelan |
2nd Franklin |
|
Donald F. Humason, Jr. |
4th Hampden |
|
Richard J. Ross |
9th Norfolk |
|
Tom Sannicandro |
7th Middlesex |
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act Relative to Long Term Care Insurance.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Section 146B of chapter 175 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended in section (4)(B)(3)(b)(ii) by inserting after the word “values” the following:- ; and five hundred thousand dollars in long-term care insurance benefits which meet minimum standards as defined in 211 CMR 65.00 (Long-Term Care Insurance), an amount that will increase annually at a compounded rate of five percent.
SECTION 2. Section 146B of chapter 175 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended in section (4)(B)(3)(b) by striking (iii) and inserting in place thereof the following:-
(iii) one hundred thousand dollars in the present value of annuity benefits, including net cash surrender and net cash withdrawal values; but in no event shall the association’s liability exceed three hundred thousand dollars in the aggregate for all life insurance, annuity benefits and health insurance benefits including any net cash surrender and net cash withdrawal values, except with respect to long-term care insurance benefits in which case the association’s liability shall not exceed five hundred thousand dollars, an amount that will increase annually at a compounded rate of five percent.
