CID: Long-Term Care Rate Filing - Bankers Life & Casualty Co. (Individual: 1992-2003)

Long-Term Care Rate Filing - Bankers Life & Casualty Co. (Individual: 1992-2003)

Rate Request: 35 percent increase

Decision: Under Review

Public Comment Period: May 31 to June 19, 2017

On May 25, 2017, Bankers Life & Casualty Co. requested an average increase of 35 percent for several of its individual long-term care plans. The plans were marketed from 1992 to 2003 and are no longer being marketed. There are approximately 1,280 policies currently in effect in Connecticut.

The company said it sought the increase because of the higher than projected benefit costs that would be required over the life of these policies.

The company said that is the result of a higher than expected number of policies still in force and the projected costs of claims for those policyholders expected to draw on their benefits.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

The company said it would offer its policyholders benefit options in order to mitigate the impact of a rate increase.


Find the filing, brief summary and public comment section here at Health Insurance Rate Filings

Content Last Modified on 5/30/2017 5:45:36 PM