CID: Long-Term Care Rate Filing - Lincoln Benefit Life Company (Individual)

Long-Term Care Rate Filing - Lincoln Benefit Life Company (Individual)


 
Rate Filing Review: 35 percent increase
 
Decision: Under Review
 
Public Comment Period: September 8, 2018 to September 28, 2018
 

On August 17, 2018, Lincoln Benefit Life Company requested a 35 percent increase on a small block of business of individual long-term policies sold from 2003 to 2005, which are no longer being marketed.

There are approximately 30 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 after the company has given its customers 60 daysí notice. Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.

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


Content Last Modified on 9/7/2018 3:09:58 PM