CID: Long-Term Care Rate Filing - Mutual of Omaha Insurance Company (Individual)

Long-Term Care Rate Filing - Mutual of Omaha Insurance Company (Individual)

Rate Request: 51 percent increase

Decision: Under Review

Public Comment Period: September 30 to October 19, 2017

On August 4, 2017, Mutual Omaha Insurance Company requested a 51 percent increase on a small block of business of individual long-term policies sold from 1997 to 2004. There are approximately 280 policies in force in Connecticut.

The company said in its filing that the increase is needed because of higher anticipated claims cost due to more policies in effect than expected, people are living longer and benefits will be paid over a longer period of time.

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 said its policyholders will have options to change or reduce benefits in order to mitigate the impact of an increase.

If approved, the new rates would take effect December 1, 2017.


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

Content Last Modified on 9/29/2017 2:26:27 PM