Metropolitan Life Insurance Company – Group (AARP-1998)
Rate request: 19 percent average increase
On February 25, 2020, Metropolitan Life Insurance Company requested an average increase of 21 percent on AARP group long-term care policies that offer reimbursement for care delivered in nursing homes, assisted living, at home and for respite services.
There are approximately 877 policies in force in Connecticut. They were first issued in Connecticut in 1998 and are no longer being marketed.
The company said the increase is needed because of a higher demand for benefits over a longer period of time than originally projected when the policies were initially priced.
After Actuarial Review, the Department approved the rate request on June 1, 2020. The Company will implement over two years, 10% increase in year one and 9% increase in year two. The future projections support the lifetime loss ratio will be higher than anticipated.
The new rates would take effect 60 days after the company notifies policyholders.
Find the filing documents here at Long-Term Care Insurance Rate Filing