On January 11, 2022, Massachusetts Mutual Life Insurance Company requested an average increase of 35.7 percent on a block of business of individual long-term policies (Series 200, 300, 400, 500 and 511) which were sold from 2000 to 2013. The range of increase varies from 0.0% to 50.9%.

These are no longer being marketed. There are about 919 policies in force in Connecticut.

The company said in its filing that the increase is needed because the emerging and projected experience on this block of business is worse than anticipated when the product was originally 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 Actuarial review, the Department disapproved the requested amount and approved a limited increase on July 25, 2022, that varied by series. A 35% increase was approved for Series 200, 300 and 400 and a 20% increase was approved for Series 500. The Department agreed with the continuation of rates for Series 511. The approved rate increase reflects the impact of the most current set of assumptions on the experience, which includes any shortfall needed to bring the Connecticut rate level more in line with nationwide.

The company said its policyholders will have options to change or reduce benefits in order to mitigate the impact of an increase. The new rates will take effect 60 days after the company has notified its policyholders. Connecticut law requires that any increase 20 percent or higher be phased in over three years or more. For all Series in this filing, the approved increases will be spread out over three years.

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