Metropolitan Life Insurance Company – Large Group


Rate request: 45 percent increase

Decision: Disapproved, limited to a 10% increase

On January 31, 2019, Metropolitan Life Insurance Company requested an average increase of 45 percent on large long-term care policies that offer comprehensive or facilities-only coverage for an employer’s eligible employees and their family members.

There are approximately 3,700 policies in force in Connecticut. They were issued in Connecticut before 2010 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.

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 full increase requested was not warranted and a 10% increase was approved. While the Department understands that the statutory requirement of 65% is over the lifetime of the policy forms and the company projects the requested increase needed based on future projections, the current inception-to-date experience has been better than expected both for Connecticut experience as well as nationwide experience.

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