Long Term Care Rate Filing - John Hancock Life Insurance Co. (Group)
Resubmitted Rate Increase Request – 58.1 percent increase
Decision – Disapproved on August 8, 2013
On May 8, 2013, John Hancock Life Insurance Co. re-filed a request for a 58.1 percent average increase on its long-term care group plans. There are approximately 1,800 certified holders in Connecticut for this particular plan.
John Hancock said it continued to seek a rate increase because experience to date continues to be worse than original expectations. The company said “while we appreciate the intent of the Department in trying to limit rate increases on policyholders until experience clearly warrants an increase,” it stressed the importance of addressing adverse experience now rather than try to impose an even larger rate increase later. The company said it has provided the Department with enough data to support its request.
After an actuarial review, the Department disapproved the company’s request on August 8, 2013. The Department’s review determined that company’s actual costs for benefits in relation to premium dollars were much better than expected.
The May 8 filing was the company’s third request for a rate increase in the past two years. The Connecticut Insurance Department has disapproved all three.
Content Last Modified on 8/8/2013 3:55:02 PM