The bill H.120, introduced by Representatives Noyes and Yacovone, mandates the Secretary of Administration to study and design a long-term care trust fund for eligible Vermont residents. The study will focus on creating a fund based on a social insurance model, developing a funding plan that includes collecting contributions from residents with a taxable income above 150% of the federal poverty level starting July 1, 2026, and establishing a governing committee to administer the fund and determine benefit eligibility. The Secretary is also tasked with exploring the viability of benefit eligibility after two years of contributions and the potential transfer of fund resources to Medicaid for long-term care services.

The Secretary of Administration is required to submit a report detailing the findings and any proposed legislation for the fund's creation by January 15, 2026. This act is set to take effect on July 1, 2025. The bill emphasizes collaboration with various state agencies and commissions to ensure a comprehensive approach to the study and design of the trust fund.