Connecticut Rejects Unum’s Request for Long Term Care Insurance Rate Increases
The Connecticut Insurance Department has rejected a unit of Unum’s application for rate increases on certain Long Term Care Insurance policies throughout the state.
Application for Increase
UNUM Life Insurance Company of America, a unit of Unum Group Corporation, applied for a rate increase averaging 45% on their group policies in effect in Connecticut. Their original request cited the need to ensure “policies remain priced at an appropriate level to meet our future claims obligations.” Those group policies are no longer for sale, as the unit left the group Long Term Care Insurance market in 2012, but 2,217 Connecticut residents still have[…]
Connecticut Long Term Care
Connecticut lies in the New England region of the United States, with hot and humid summers followed by cool winters. The coastal location of the state moderates the extreme temperatures and provides residents with a long maritime history of trade, despite the lack of any actual state land on the coast. Connecticut doesn’t have a sports team in any of the four major professional sports leagues, but is home to hundreds of museums and theaters around the state. Nearly 15% of the state population is over the age of 65, making long term care a priority for the state legislature.
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State Farm Long Term Care Insurance Requests Rate Increase
State Farm Mutual Automobile Insurance Company recently filed for a substantial increase in rates for their Long Term Care Insurance policies in both Connecticut and Pennsylvania.
Rate revision requests were filed in mid-March for State Farm Long Term Care Insurance policies in Pennsylvania and at the end of April for policies in Connecticut.
Substantial Increase in Rates
The current average premium for State Farm Long Term Care Insurance policies has been around $1200/year in Connecticut and $1800/year in Pennsylvania. 
State Farm is requesting an average rate increase[…]
Connecticut Long Term Care Insurance Bill Killed in Legislative Committee
A bill introduced in the Connecticut General Assembly that would create a $500 personal income tax credit for premiums paid on Long Term Care Insurance has lost momentum.
Killed in Committee
On Monday, the Finance Revenue and Bonding Committee decided not to vote on the bill. Their decision gives the bill an uncertain fate during the current legislative session.
Objections raised by opponents of the bill claim it is too costly to the state. The tax credit will cost an estimated $71.5 million in 2014, $78.3 million in 2015, and $84.6 million annually from 2016 on, according to the Office[…]
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