Long-Term Care Insurance Rate Filing - Mutual of Omaha (Individual)
Rate request – 17.8 percent increase
Decision – Rejected on August 17, 2012
On June 19, 2012, Mutual of Omaha Insurance Company requested an average increase of 18.7 percent for its long-term care plans, ranging from 0% to 38% depending upon the issue age, benefit period and inflation option. The rate increase would have applied to in-force business only as the company no longer markets these policy forms that are contained within the rate filing. The renewals are guaranteed, meaning the company cannot refuse to renew a policy. This rate increase would affect 282 policyholders. There have been no previous rate increases for these policies.
After an actuarial review, the Department rejected the request on Aug. 17, 2012, determining that the actual demand for benefits and company’s cost of those benefits were well below what the company projected in its original pricing.
Content Last Modified on 8/20/2012 2:55:23 PM