Metropolitan Life Insurance Company – Large Group
Rate request: 40.8 percent increase
Decision: Disapproved, limited to 10%
On March 06, 2020, Metropolitan Life Insurance Company requested an average increase of 40.8 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 3,345 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.
After Actuarial review, the Department approved a 10% increase for all policyholders on May 21, 2020. Although the experience has been better than anticipated, the future projections point to much higher claims experience than originally priced for.
The new rates will take effect 60 days after the company notifies policyholders.
Find the filing documents here at Long-Term Care Insurance Rate Filing