MetLife Insurance Company – Individual (TIAA: 1991-2004)


Rate request: 4.05 percent average increase

Decision: Approved

On January 30, 2019, MetLife Insurance Company requested an average increase of 4.05 percent on a small block of long-term care policies it administers for the Teachers Insurance and Annuity Association (TIAA). The policies were issued in Connecticut from 1991 to 2004. They provide benefits for nursing home care and home care.

There are approximately 260 policies in force in Connecticut.

The company said in its filing that the increase is needed because of a much expected higher demand for benefits over a longer period of time than originally projected when the policies were 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.

After an actuarial review, the Department determined that the experience on this closed block of business is worse than expected as a result, the Department agreed that a rate increase is warranted and approved the rate increase request on April 3, 2019.

The company noted it would offer its customers options to reduce or change benefits to offset the impact of an increase. The new rates will take effect 60 days after the company notifies policyholders.

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