CID: Long-Term Care Rate Filing - Massachusetts Mutual Life Insurance Company (Individual)

Long-Term Care Rate Filing - Massachusetts Mutual Life Insurance Company (Individual)

Rate Filing Request: 77 percent average increase
Decision: Under Review
Public Comment Period: May 30 to June 18, 2018

On May 24, 2018, Massachusetts Mutual Life Insurance Co. requested an average increase of 77 percent for individual long-term care plans. The plans were sold in Connecticut from 2000 to 2013 and are no longer being marketed.

There are approximately 1,000 policies currently in effect in Connecticut.

The company said in its filing that the increase is needed because of higher than expected claims costs and a longer duration of paying those claims that was anticipated when this 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 noted it would offer its customers options to reduce or change benefits to offset the impact of an increase. Under Connecticut law, increases of 20 percent or higher must be phased in over three or more.

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

Content Last Modified on 5/29/2018 2:35:31 PM