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Providers, financial advisers back special commission to study long‑term care financing options
Summary
Nonprofit providers, insurance advisers and actuaries urged passage of H.792/S.476 to create a special commission to evaluate statewide long‑term services and supports financing, citing lessons from other states and the Milliman actuarial study.
Representatives of provider associations, financial advisers and actuaries urged the Joint Committee on Elder Affairs to report H.792 and S.476 favorably, a bill to establish a special commission to study and develop options for a statewide long‑term services and supports (LTSS) benefits program.
Speakers from the National Association of Insurance and Financial Advisors (NAIFA) Massachusetts, LeadingAge Massachusetts and independent actuaries said Massachusetts needs a structured, stakeholder‑driven process to evaluate public and public‑private financing models for long‑term care. “We applaud Representative Stanley and Senator Jalen’s foresight in creating a commission to evaluate the possibility of a payroll‑deducted long‑term care insurance public option,” Adam Sachs, a financial adviser and NAIFA board member, said.
Panelists pointed to other states’ experiences — including Washington’s WA Cares program — and the recently completed Milliman actuarial study commissioned by the Executive Office of Aging and Independence as key inputs. Actuary Steve Schoenfeld and other witnesses emphasized that sustainable solutions will require public‑private collaboration: public funds alone are insufficient and private markets alone have not reached most middle‑income families.
Witnesses urged the commission to evaluate continuing incentives for private coverage, employer‑based approaches, worksite education for employees and mechanisms to avoid “fire‑sale” one‑time enrollment drives. Josh O’Gara, immediate past president of NAIFA Massachusetts, noted the economic ripple effects of long‑term care on employers and families: “It’s not only the people that need care that are being impacted, it’s also their children and grandchildren who often become the caregivers.”
LeadingAge Massachusetts’ president, Alyssa Sherman, said the association supports the commission and praised the state’s procurement of an actuarial study. “This legislation will bring a coalition of stakeholders together to review the results of the actuarial study and look at different options, including public‑private options,” Sherman said.
Committee members stressed the need for broad stakeholder engagement and iterative design. No formal committee vote was recorded at the hearing; proponents urged the committee to move the commission bill forward so detailed design work can proceed based on actuarial findings and stakeholder input.
