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Sponsors
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History
- Signed chap.465
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.286
- Substituted for A8957A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–0
- Ordered to third reading cal.1261
- Committee discharged and committed to rules
- Print number 6672a
Show 3 earlier actions
- Amend and recommit to finance
- Reported and committed to finance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes various provisions to provide public awareness of means of financing long term health care
Assembly Floor Calendar · Sponsor Mark Gjonaj
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6672A
Title of bill
An act to amend the insurance law, in relation to establishing a public awareness program on the availability of long term health care insurance and the tax credits therefor, and accelerating payment of death benefits or a special surrender value pursuant to a life insurance policy upon receipt of end of life or palliative care
Purpose or general idea of bill
The purpose of this bill is to expand upon the provisions of Chapter 563 of the Laws of 2010, which expanded the types of end of life care that can be financed by an accelerated death benefit rider attached to a life insurance policy to include persons who have resided in a nursing home for three months or more. This bill expands such end of life care that can be financed by a life insurance accelerated death benefit to include end of life care provided for by a long term home health care provider, hospice or adult day care services or palliative care. Such long term care would need to have been provided for at least three months or more, with the expectation that such beneficiary will continue to require such services until death.
Read the full memo (695 words)
Summary of specific provisions
Section 1: Adds Insurance Law section 342 to allow for the establishment of a coordinated public awareness program to encourage individuals to purchase life insurance and long term care (LTC) insurance. Such awareness program shall be a collaborative effort between the Departments of Health, Financial Services, and Taxation & Finance, and the Office of the Aging.
Section 2: Amends Insurance Law section 1113(a) to expand the types of long term care (LTC) and end of life care that can be financed by an accelerated death benefit payable from an individual's life insurance. This accelerated death benefit would need to be purchased as an additional rider attached to a life insurance contract. This authorization for a new rider was done by expanding the definition of life insurance.
Section 3: Amends Insurance Law section 3201(11) to add life insurance policies that have a trigger for payment of benefit upon the recipient receiving end of life care or palliative care via long term health care, hospice or adult day care services, or other services as one of the types of policies that the Department of Financial Services must approve the policy form before an insurer can begin to sell such policy riders to the general public.
Section 4: Amends Insurance Law section 3230(f) to add the payment of an accelerated payment of a death benefit or special surrender value upon the insured requiring end of life care as provided for in Insurance Law section 1113. Such end of life care must be provided for at least 3 months or more, with the expectation that such insured will continue to require such services until death.
Justification
As the general population becomes older, more and more individuals are looking for affordable ways to pay for the financing of their nursing home and long term care needs. While there are available policies that provide payment for long term care, more products should be authorized under New York law so that consumers will have more types of insurance coverage available to meet their specific needs or the needs of their family.
In addition, encouraging more individuals to finance their own long term care, will help to curtail future expenditures from the State's Medicaid program, which currently finances the lion's share of the provision of long term care in this State. This bill is a further extension of new laws such as Chapter 563 of the Laws of 2010 which are geared towards encouraging individuals to finance their own long term care and nursing home care as we all get older.
Prior legislative history
New Bill.
Fiscal implications
It is the intent of this bill to encourage the increased use of life insurance to help finance end of life care. This, in turn, should help to decrease State Medicaid expenditures that are currently used to finance end of life care.
Effective date
This act shall take effect on January 1st of the year next succeeding its date of enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.