CID: Long-Term Care Rate Filing - Metropolitan Life Insurance Company (Group-AARP 2004)

Long-Term Care Rate Filing - Metropolitan Life Insurance Company (Group-AARP 2004)

Rate Request: 7.06 percent increase
Decision: Under Review
Public Comment Period: June 12 to July 1, 2018

On June 8, 2018, Metropolitan Life Insurance Company requested an average increase of 7.06 percent on AARP group long-term care policies that offer reimbursement for care delivered in nursing homes, assisted living, at home and for respite services.

There are approximately 90 policies in force in Connecticut. They were first issued in Connecticut in 2004 and are no longer being marketed.

The company said the increase is needed because of a higher demand for benefits over a longer period of time than originally projected when the policies were initially 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.

The company also said it would offer its customers options to reduce or change benefits to offset the impact of an increase. If approved, the new rates would take effect 60 days after the company notifies policyholders.

Find the filing, brief summary and public comment section here at All Current Rate Filings

Content Last Modified on 6/11/2018 2:51:13 PM