On June 28, 2023, MedAmerica Insurance Company requested an overall average increase of 149.7 percent for individual long-term care policies (515 Series), with a range of 0.0% (no automatic Inflation coverage) to 187.2% (auto Inflation coverage). The policies were sold in Connecticut from 1999 to 2004 and are no longer being marketed.

There are about 25 policies currently in effect in Connecticut.

The company said the increase is due to emerging and projected experience running more adverse than previously expected.

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, any increase of 20 percent or more must be phased in over three years to comply with state law. The company said it will offer its customers several options to change benefits to keep premium at previous levels. The new rates would take effect 60 days after the company has notified its customers.

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