Proposed Bill No. 452 aims to enhance consumer protections for long-term care insurance policyholders by implementing several key measures. The bill establishes a four-year moratorium on premium rate increases for long-term care insurance, ensuring that policyholders are not subjected to sudden financial burdens. Additionally, it mandates that the Insurance Department conduct public hearings for any proposed premium rate increases exceeding five percent, thereby increasing transparency and accountability in the rate-setting process.

Furthermore, the bill introduces a personal income tax deduction for individuals whose long-term care insurance premiums rise by more than five percent in a taxable year, providing financial relief to affected policyholders. Lastly, it proposes the creation of a task force tasked with studying the long-term care insurance industry, focusing on premium costs and alternative policy structures, including the potential for state-funded insurance pools. This task force will also be responsible for making recommendations aimed at improving the affordability and coverage of long-term care insurance.