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MetLife Insurance Company – Individual

Rate request: 9.4%-91.7% average increase

Decision: Disapproved, limited to 0.0%-33.54% increase

On January 30, 2020, MetLife Insurance Company requested an average increase of 9.4%-91.7% percent on blocks of long-term care policies for individuals that reimburse for charges for nursing home, assisted living, hospice and comprehensive care. The policies were issued in Connecticut from 1999 to 2012, include Partnership policies and are no longer being marketed.

There are just over 5,000 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 Actuarial review, the Department disapproved the request as filed on April 28, 2020, but approved some increases where experience had deteriorated, approved reduced increases where some relief was warranted and disapproved some increases due to lack of historical experience to justify.

Under Connecticut law, increases of 20 percent or more must be phased in over three or more years.


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