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MedAmerica Insurance Company – Individual (1999 to 2004)

Rate request: 77.7 percent average increase

Decision: Disapprove, but limited to a 15% increase

On February 10, 2020, MedAmerica Insurance Company requested an overall average increase of 77.7 percent for individual long-term care policies (515 Series). The policies were sold in Connecticut from 1999 to 2004 and are no longer being marketed.

There are about 30 policies currently in effect in Connecticut.

The company said the increase is due to emerging and projected experience running more adverse than previously expected.

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 approved a 15% increase for all policyholders on April 28, 2020. The Connecticut and nationwide historical experience has been better than expected, but the projections still result in excessive lifetime loss ratios over the life of the policies.

The new rates will take effect 60 days after the company has notified its customers.


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