On May 22, 2023, MetLife Insurance Company requested an average increase of 68.6 percent on a small block of long-term care policies it administers for the Teachers Insurance and Annuity Association (TIAA). The policies were issued in Connecticut from 1991 to 2004. They provide benefits for nursing home care and home care. There are approximately 200 policies in force in Connecticut.

The company said in its filing that overall deterioration of projected future experience, as reflected by the most recent assumptions noted in the Actuarial Memorandum, is the general reason for the rate action.

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 noted it would offer its customers options to reduce or change benefits to offset the impact of an increase. Under Connecticut law, increases of 20 percent or more must be phased in over three or more years.

If approved, the new rates would take effect 60 days after the company notifies policyholders.

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