A Long Term Care Insurance provider recently applied for rate increases in the state of Connecticut.
Two divisions of Unum are seeking premium hikes for certain Long Term Care Insurance policies. Provident Life and Accident Company is one of them. They are asking for an increase of 65% of certain policies sold within the state between 2003 and 2009. The rate hike will apply to 260 individual policies.
Like many other companies, Unum and its subsidiaries have been faced with the increasing cost of health care, paired with the higher than expected claims rates.
Many Long Term Care Insurance providers have been forced[…]