CID: Long-Term Care Rate Filing - Mutual of Omaha Insurance Company (Individual: 2004-2009)

Long-Term Care Rate Filing - Mutual of Omaha Insurance Company (Individual: 2004-2009)


 
Rate Filing Review: 18.2 percent
 
Decision: Under Review
 
Public Comment Period: November 16, 2017 to December 5, 2017

On November 8, 2017, Mutual Omaha Insurance Company requested an 18.2 percent increase on a block of business of individual long-term policies sold from 2004 to 2009 and are no longer being marketed. There are approximately 270 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 January 1, 2018.

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


Content Last Modified on 11/15/2017 2:03:31 PM