2007 Regular Session
|At the request of:||(at the request of Governor Theodore R. Kulongoski for Department of Consumer and Business Services)|
|Regular Sponsors:||(Presession Filed)|
|Bill Title:||Relating to long term care insurance; and declaring an emergency.|
|Catchline/Summary:||Amends definition of "preexisting condition" for purposes of long term care insurance.
Removes prohibition on prior institutionalization conditions in long term care insurance according to specified criteria. Requires delivery of policy summary with individual life insurance policies that provide long term care benefits. Specifies information to be included in policy summary. Specifies requirements for incontestability periods. Requires offer of nonforfeiture benefits and specifies conditions. Requires specified training for insurance producers that sell individual long term care insurance. Adds definition of "qualified long term care insurance." Excludes long term care insurance benefits from Medicaid eligibility determination and estate recovery. Requires Department of Human Services to submit Medicaid state plan amendment to federal government. Declares emergency, effective on passage.
|Fiscal Impact:||No Fiscal Impact|
|Revenue Impact:||No Revenue Impact|
|Measure Analysis:||Staff Measure Summary / Impact Statements|