CID: Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 2000-2003)

Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 2000-2003)



Rate request: 19.9 percent increase

Decision: Approved on October 17, 2017

On July 18, 2017, RiverSource Life Insurance Company requested a 19.9 percent rate increase for its long-term care plans that provides benefits for nursing home stays and some home care. The policies were marketed from 2000 to 2003.

There are approximately 650 policies in effect in Connecticut. The company said it is seeking the increase because the current pricing is inadequate to meet the anticipated benefit costs. There is a higher than expected number of policies still in force and more policyholders are expected to draw on those benefits.

In an effort to mitigate the impact of any potential increase, the company will offer its policyholders the option of reducing benefits or maintaining the premium level similar to what they were paying.

After an actuarial review, the Department determined that the company’s claims costs to date are much higher than what was anticipated when the product was first priced. As a result, the Department approved the request on Oct. 17, 2017.

The average annual premium in Connecticut would rise from $2,022 to $2,424 or approximately $33 more per month.


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Find the filing documents here at Long-Term Care Insurance Rate Filing


Content Last Modified on 10/23/2017 5:18:03 PM