On June 27, 2023, John Hancock Life Insurance Company requested an increase of 22.0-156.9 percent for several of its individual long-term care Series (Gold, Custom Care, Custom Care II, Essential Care II, Leading Edge and Custom Care III). This is the range of level increases requested by Series. The plans were marketed from 1997 to 2015 and are no longer being marketed. There are approximately 5,990 policies currently in effect in Connecticut for these product forms.

The company said it sought the increase because they anticipate having to pay more claims in the future than previously expected. This is based on the most recent experience study, which demonstrates lower mortality for non-claimants, higher utilization of benefits, and longer than expected claims, partly offset by lower claim incidence.

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.

The company said it would allow policyholders to change their benefits in order mitigate the impact of a higher rate.

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

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