CID: Long-Term Care Rate Filing - American Progress Life & Health Insurance Company of NY (Individual)

Long-Term Care Rate Filing - American Progress Life & Health Insurance Company of NY (Individual)


 
Rate Filing Review: 100 percent increase
 
Decision: Under Review
 
Public Comment Period: February 8, 2018 to February 28, 2018

On February 5, 2018, the American Progressive Life & Health Insurance Co. of NY filed for a 100 percent rate increase on a small block of business for its long-term care individual policies. The policies provide coverage for nursing home and home health care. They were issued from 2001-2003 in Connecticut and are no longer being marketed in the state. There are 10 of these policies currently in force in Connecticut.

The company says it is seeking the increase because actual claims costs far exceeded projected costs that were calculated when the product was originally 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 said policyholders will be given the option to offset the increase and lower their premium by reducing their current benefits. Under Connecticut law, long-term care rate increases of 20 percent or higher must be phased in over three years or more.

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


Content Last Modified on 2/7/2018 1:02:15 PM