On November 18, 2022, Continental Casualty Co. requested an average increase of 65.5 percent for its GLTC1 and GLTC2 group long-term care policies. The increase would vary by benefit period and ranges from 48.4% to 171.7%.

The policies were sold in Connecticut from 1988 to 2003 and are no longer being marketed. There are approximately 2,583 policies currently in effect in the state.

The company said it sought the increase because the original pricing does not support the higher than projected benefit costs that would be required over the life of these policies. The company said there has been “significant deterioration” on this block of business and has necessitated the need for additional rate increases.

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.

If approved, the new rates would be implemented 60 days after the company notifies customers. Under state law, rate increases of 20 percent or more must be implemented over three years or more.

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