Long-Term Care Rate Filing - United Teacher Associates Insurance Company (Individual)
Rate request: 20 percent increase
Decision: Disapproved on December 18, 2013
On November 14, 2013, the United Teachers Associates Insurance Co. filed for a 20 percent rate increase on its Advantage Individual and At Home Advantage individual long-term care plans, which is no longer being marketed. The company is no longer selling any new long term care insurance. There are 28 policies currently in force in Connecticut that would be affected by this rate change.
The company stated it was requesting the increase because actual claims costs have exceeded projected costs over the life of the policy that were calculated when the product was originally priced. This is the company’s first request for a rate increase on this product.
The company assured the Department that it would give customers a 60-day notice of any rate change and offer options to mitigate the impact of any rate change.
As a result of an actuarial review, the Department determined that the company’s claims experience in Connecticut has been much better than expected and that any rate increase at this time would be unwarranted and excessive. The Department disapproved the request on December 18, 2013.
Content Last Modified on 12/19/2013 3:41:02 PM