SENATE MEMORIAL 26

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Gay G. Kernan

A MEMORIAL

REQUESTING THE OFFICE OF SUPERINTENDENT OF INSURANCE TO CONDUCT AND COMPLETE A COMPREHENSIVE STUDY ON LONG-TERM CARE INSURANCE AND ITS AFFORDABILITY.

     WHEREAS, unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings, such as a home, community organization or other facility; and

     WHEREAS, long-term care insurance policies reimburse policyholders a daily amount up to a pre-selected limit for services to assist with activities of daily living such as bathing, dressing and eating; and

     WHEREAS, long-term care insurance policies are more expensive than regular health insurance policies and require medical underwriting, and the insurance company may raise the premium on long-term care insurance policies;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that the office of superintendent of insurance be requested to conduct and complete a comprehensive study on long-term care insurance; and

     BE IT FURTHER RESOLVED that the comprehensive study on long-term care insurance study policy affordability include an analysis of premiums and benefits, the impact of rate increases imposed on New Mexico consumers and potential solutions for policyholder relief from unaffordable premium increases; and

     BE IT FURTHER RESOLVED that the office of superintendent of insurance be requested to engage consultants as necessary and conduct at least one public hearing on the issues surrounding long-term care insurance; and

     BE IT FURTHER RESOLVED that the office of superintendent of insurance be requested to prepare a report with recommendations on how best to protect New Mexico consumers who hold or wish to purchase long-term care insurance policies; and

     BE IT FURTHER RESOLVED that the office of superintendent of insurance present its findings and conclusions to the legislative finance committee, the legislative health and human services committee and other appropriate interim legislative committees by December 1, 2022; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the office of superintendent of insurance, the legislative finance committee and the legislative health and human services committee.

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