On May 16, 2023, RiverSource Life Insurance Company requested an average 42.6 percent rate increase for its federally tax qualified long-term care plans that provides benefits for nursing home stays and some home care (Form 30160A-CT without 32100-CT endorsement). This request varies by Benefit period, 72.4% was requested for policies with Lifetime benefits and 27.9% was requested for all other policies. The policies were marketed from 1998 to 2000.

There are about 543 policies in effect in Connecticut. The company said it is seeking the increase because of the combination of actual lapse and mortality running less than expected in pricing and actual morbidity experience worse than expected for older attained ages.

In an effort to mitigate the impact of any potential increase, the company will offer its policyholders the option of reducing benefits or maintaining the premium level similar to what they were paying.

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 its policyholders.

###