On May 22, 2023, Teachers Insurance and Annuity requested a 68.6 percent increase on a small block of business of individual long-term policies which were sold from 1991-2004 and are no longer being marketed. The policies are administered by the Metropolitan Life Insurance Company.

There are just about 71 policies in force in Connecticut. They provide benefits for care in a facility and care at home for individuals who are unable to perform a certain daily living activities or who suffer cognitive impairment.

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.

Under Connecticut law, increases of 20 percent or more must be phased in over three or more years.

The new rates will take effect 60 days after the company has notified its customers.

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