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Sponsor says tax credit for older long‑term care policyholders could save Medicaid dollars
Summary
Delegate Vaughn Stewart told the committee House Bill 327 would offer a focused tax credit to older Marylanders who bought long‑term care policies priced on faulty actuarial assumptions in the 1990s and 2000s; he presented an argument that modest retention of private policies could yield Medicaid savings.
"There's a population of Maryland seniors who were wronged by the insurance industry," Delegate Vaughn Stewart told the Ways and Means Committee while presenting House Bill 327 on Jan. 30.
Stewart, the bill sponsor, said the proposal would provide a tax credit averaging about $400 annually to older, relatively low‑income Marylanders (he described the pool as those 85 and older and making under $100,000) who purchased long‑term care insurance before 2004. He said insurers underpriced policies in the 1990s and…
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