H.120 is a bill introduced by Representatives Noyes and Yacovone that mandates the Secretary of Administration to study and design a long-term care trust fund for eligible Vermont residents. The bill outlines specific areas for study, including the creation of the fund based on a social insurance model, a funding plan that begins collecting funds from residents with a taxable income above 150% of the federal poverty level starting July 1, 2026, and the establishment of a governing committee to administer the fund and develop benefit packages. Additionally, the Secretary is tasked with exploring the eligibility of individuals for benefits after contributing to the program for at least two years and the potential transfer of fund resources to Medicaid for long-term care services.

The bill also stipulates that the Secretary may seek assistance from various state agencies and must submit a report detailing the findings and any proposed legislation for the fund's creation by January 15, 2026. Furthermore, the act is set to take effect on July 1, 2025.