CID: Long-Term Care Rate Filing - MetLife Insurance Company (Individual-1992 to 1994)

Long-Term Care Rate Filing - MetLife Insurance Company (Individual-1992 to 1994)

Rate request: 13.6 percent average increase

Decision: Under Review

Public Comment Period: May 11 to May 31, 2016

On April 27, 2016, MetLife Insurance Company requested an average increase of 13.6 percent on a small block of long-term care policies offered through the state’s Partnership program. The policies were sold in Connecticut from 1992 to 1994 and are no longer being marketed.

There are 47 policies in force in Connecticut.

The company said in its filing that the increase is needed because of a much expected higher demand for benefits over a longer period of time than originally projected when the policies were originally priced.

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.

If approved the average annual premium in Connecticut would rise from about $3,730 to $4,240 or approximately $40 more a month. The company noted it would offer its customers options to reduce or change benefits to offset the impact of an increase.


Find the filing, brief summary and public comment section here at Long-Term Care Insurance Rate Filing

Content Last Modified on 5/10/2016 2:29:22 PM