On June 24, 2022, MetLife Insurance Company requested an average increase of 29.4%-182.1% percent on blocks of long-term care policies for individuals that reimburse for charges for nursing home, assisted living, hospice and comprehensive care. The policies were issued in Connecticut from 1999 to 2012, include Partnership policies and are no longer being marketed.

There are about 4,714 policies in force in Connecticut.

The company said in its filing that the increase is needed because the combination of historical and projected experience using the most recent Best Estimate assumptions (with or without a margin for adverse deviation) is clearly beyond the expected loss ratio using the original pricing assumptions.

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 requests as submitted and approved reduced rate increases of 10% - 60% on February 9, 2023. The increases varied by product form grouping. The Department evaluated the Connecticut rate levels relative to nationwide and reviewed the impact of future claims over future premiums with recent changes to assumptions.

The company noted it would offer its customers options to reduce or change benefits to offset the impact of an increase. The new rates will take effect 60 days after the company notifies policyholders. Under Connecticut law, increases of 20 percent or more must be phased in over three or more years. Four product groupings received increases greater than 20% and will be spread out over 3 years. Two product groups received increases of 10% and will not be spread out.

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