The Connecticut legislature’s Finance, Revenue and Bonding Committee tabled a bill that would have established a $500 tax credit for the purchase by individuals of long-term health care insurance.
A note from the Office of Fiscal Analysis said the credit would have resulted in a general fund loss of $71.5 million in fiscal 2014, and $78.3 million and $84.6 million the following two years, as well as printing, programming and compliance assurance costs in fiscal 2014 and 2015, which combined total about $193,000.
The office based its loss estimate on information from the University of Connecticut Health Center indicating that roughly 103,000 residents statewide have purchased long-term care policies.
The Commission on Aging and the Insurance Association of Connecticut both supported the bill. “It is in the state’s best interest to encourage residents to plan for their long-term services and supports needs,” Deb Migneault, the legislative and community liaison for the legislative Commission on Aging, told the General Assembly’s insurance and real estate committee earlier this year.