On August 25, 2022, Metropolitan Life Insurance Company requested an increase of 37.19 percent on large long-term care policies that offer comprehensive or facilities-only coverage for an employer’s eligible employees and their family members.

There are approximately 3,172 certificate holders in Connecticut. They were issued in Connecticut before 2010 and are no longer being marketed.

The company said the increase is needed because of a higher demand for benefits over a longer period of time than originally projected when the policies were initially 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 limited the increase to 29.12%. The experience has been better than expected, but the lifetime loss ratio is expected to be significantly higher than the minimum 65% and the Connecticut rate level is lower than nationwide levels.

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. This increase will be implemented over three years at 9.90% a year.

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