Connecticut rejects long term care insurance rate increase requests

The Connecticut Insurance Department has rejected efforts by a unit of MetLife Inc. to increase rates on 5,800 long-term care insurance policies about 58 percent.

“Connecticut experience has been much better than anticipated from inception-to-date on a loss ratio basis,” Paul Lombardo, a Connecticut department actuary, wrote in a memorandum explaining the decision.

Because the Connecticut experience has not been contributing to any problems with nationwide experience, “we believe that any increase at this time would be excessive,” Lombardo wrote.

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About Partnership for Long Term Care

Promoting the idea of preventing long term care from financially devastating families by insuring for long term care with state Partnership qualified policies.
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