This bill mandates the New Jersey Department of Health (DOH) to conduct a study on the feasibility and costs associated with establishing a long-term health care benefit for certain individuals. The study will explore two specific models: a public long-term health care benefit for workers funded through payroll deductions, and a public-private reinsurance or risk-sharing model aimed at providing insurers with a stable source of reimbursement for catastrophic long-term care losses. The Commissioner of Health is required to submit a comprehensive report within 365 days of the bill's effective date, detailing findings, recommendations for legislative or regulatory changes, and input from relevant committees and stakeholders.

The report must include an analysis of the expected costs and benefits for participants, the anticipated number of participants, potential savings to the state's Medicaid program, and any legal and financial risks to the state. Additionally, the DOH is tasked with providing periodic updates to the Assembly Aging and Human Services Committee and the Senate Health, Human Services and Senior Citizens Committee prior to the final report submission. The act will take effect immediately and will expire upon the submission of the report.