On June 28, 2023, MedAmerica Insurance Company requested an overall average increase of 226.1 percent for individual long-term care policies (Series 11). The policies were sold in Connecticut from 2000 to 2012 and are no longer being marketed. This request includes Partnership policies. The request varies by Benefit Period and Inflation coverage, with a range of 62.5% to 458.6%.

There are about 477 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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