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 funded through payroll deductions, which would provide a time-limited insurance benefit, and a public-private reinsurance or risk-sharing model aimed at offering insurers 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. The bill emphasizes the importance of addressing the rising costs of long-term health care in New Jersey, where expenses can exceed $65,000 annually, and a significant portion of the population may require long-term care as they age. The act will take effect immediately and will expire upon the submission of the report by the Commissioner of Health.