CID: Long-Term Care Rate Filing - Genworth Life Insurance Company (Group)

Long-Term Care Rate Filing - Genworth Life Insurance Company (Group)

Rate Request: 130 percent increase

Decision: Under Review

Public Comment Period: February 22 through March 13, 2017

On February 17, 2017 Genworth Life Insurance requested a rate increase of 130 percent on group long-term care policies sold in Connecticut from 1992 to 2012. These policies are no longer being marketed.

There approximately 1,300 policies in force in Connecticut.

The company said the rate increase is needed because of worsening experience. The benefit costs far exceed what the company had originally projected when it originally priced these products.

The company said it will offer its customers several options to change benefits and keep premium costs.

If approved, the new rates will be implemented 60 days after policyholders have been notified. The average annual premium in Connecticut would increase from approximately $998 to $2,431.

Genworth said it would phase in the increase in 35 percent increments over three years. Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.


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

Content Last Modified on 2/21/2017 10:37:10 AM