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SF3484 (Legislative Session 94 (2025-2026))

Minnesota partnership for long-term care program partnership policy definition expansion

AI Generated Summary

Purpose of the Bill

The bill seeks to update the definition and criteria of a "partnership policy" within the Minnesota partnership for long-term care program. This is part of an effort to ensure that long-term care insurance policies align with specific policy standards for state and federal programs.

Main Provisions

  • The bill amends the existing statute to clarify that a partnership policy refers to a long-term care insurance policy that satisfies certain criteria.
  • These criteria include compliance with sections 62S.23 subdivision 1 and 62S.312, which are existing sections of Minnesota law relevant to the standards of such policies.
  • The definition includes policies issued or exchanged on or after July 1, 2006.
  • It also includes long-term care insurance policies sold before July 1, 2015, as long as they offer inflation protection between one and three percent.

Significant Changes to Existing Law

  • The amendment updates the terminology regarding the inflation protection for policies sold before a specific date, ensuring that these policies still qualify within the partnership policy program by providing a clear range for permissible inflation protection.

Relevant Terms

  • Partnership policy
  • Long-term care insurance
  • Inflation protection
  • Minnesota Statutes sections 62S.23 and 62S.312
  • Minnesota partnership for long-term care program

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
May 04, 2025SenateFloorActionIntroduction and first reading
May 04, 2025SenateFloorActionReferred toHuman Services

Citations

 
[
  {
    "analysis": {
      "added": [
        "Includes additional criteria for policies issued or exchanged on or after July 1, 2006."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill expands the definition of partnership policy for the Minnesota partnership for long-term care program under section 256B.0571, subdivision 6.",
      "modified": [
        "Includes policies with specific inflation protection issued prior to July 1, 2015."
      ]
    },
    "citation": "256B.0571",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This refers to the criteria that partnership policies must meet as outlined in section 62S.23, subdivision 1.",
      "modified": [
        "References the paragraph detailing policy criteria."
      ]
    },
    "citation": "62S.23",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This section provides the provisions under which policies can be exchanged as outlined in section 62S.24, subdivision 8.",
      "modified": [
        "Relates to the exchange of policies under specific conditions."
      ]
    },
    "citation": "62S.24",
    "subdivision": "subdivision 8"
  }
]

Sponsors