Rates for long-term care policies issued in Maine may not be increased without approval. Policy filings may be made, at the insurer's option, with either the Bureau of Insurance or the Interstate Insurance Product Regulation Commission (IIPRC). Rate filings for increases above 15% with respect to products approved by the IIPRC must be reviewed and approved by each compacting state, not the IIPRC. For rate filings under Maine jurisdiction, Bureau staff carefully reviews the requested increase and then sends it to an actuarial consulting firm for independent review. The carrier must provide specific information supporting its rate request. The Bureau will reject the requested rate increase if it is not actuarially justified or if it does not meet the requirements of the current regulation.

Pending rate increases are those currently under review by the Bureau of Insurance along with outside consulting firm INS Consultants. The recently approved rate increase chart shows the increases which have undergone review within the past year and will be implemented by the company soon.

 

Currently Pending Rate Increases

Company

Policy
Form

Number of
Policyholders
in Maine

Increase
Requested

Date Increase
Requested

Genworth

7046, 7050, 7053

458

104%

10/19/21

Genworth

7044 Rev

214

140%

10/19/21

Genworth

7042, 7044, 7042 Rev, 7044 Rev

233

122%

10/19/21

Genworth

7042, 7044, 7042 Rev, 7044 Rev

1,570

141%

10/19/21

Genworth

7035

867

112.5%

10/19/21

Genworth

7030, 7031, 7032

493

122.6%

10/19/21

Genworth

7000, 7020

209

147%

10/19/21

Genworth

7003, 50000, 50003, 50020, 50023

50

95.8%

10/19/21

John Alden

5762, 5875, 5876

27

72.8%

12/9/21

 

Recently Approved Rate Increases

Company

Policy
Form

Number of
Policyholders
in Maine

Increase
Requested

Increase
Approved

Date
Approved

Allianz

7-P-Q, N-4040-P, 8-P-Q

14

2 - 4 Yr Benefit Period: 15% rate increase
5 - 8 Yr Benefit Period: 30% rate increase
Lifetime Benefit Period:  40% rate increase

2 - 4 Yr Benefit Period: 3% rate increase
5 - 8 Yr Benefit Period: 24% rate increase
Lifetime Benefit Period:  40% rate increase

10/6/20

Allianz

N-2000, N-2721, and N-2350

147

2 - 3 Yr Benefit Period: 45% rate increase
5 Year Benefit Period: 80% rate increase
Lifetime Benefit Period: 100% rate increase

2 - 3 Yr Benefit Period: 25% rate increase
5 Year Benefit Period: 43% rate increase
Lifetime Benefit Period: 89% rate increase

10/6/20

Allianz

10-P-Q-ME (policies issued on/after 10-1-04)

175

2 - 4 Yr Benefit Period – 20%
5 - 8 Yr Benefit Period – 45%
Lifetime Benefit Period – 65%

2 - 4 Yr Benefit Period – 20%
5 - 8 Yr Benefit Period – 45%
Lifetime Benefit Period – 65%

12/17/21

Allianz

10-P-Q-ME (policies issued prior to 10-1-04)

109

2 - 4 Yr Benefit Period – 20%
5 - 8 Yr Benefit Period – 45%
Lifetime Benefit Period – 65%

2 - 4 Yr Benefit Period – 0%
5 - 8 Yr Benefit Period – 20%
Lifetime Benefit Period – 23%

12/17/21

Allianz

11-P-Q-ME

59

2 - 4 Yr Benefit Period – 15%
5 - 8 Yr Benefit Period – 25%
Lifetime Benefit Period – 45%

2 - 4 Yr Benefit Period – 15%
5 - 8 Yr Benefit Period – 25%
Lifetime Benefit Period – 45%

12/17/21

Berkshire Life

BG01P(06/04), BG02P(06/04)-ME

12

31.1%

31.1%

3/18/21

Continental Casualty (CNA)

(Group) P1-43636-A, SR-LTCP-Series, GLTC-3-P-xx-01

44

Automatic benefit increases – 191.9%
No automatic benefit increases – 54.8%

Automatic benefit increases – 52.1%
No automatic benefit increases – 0%

4/8/21

Genworth

7052

442

66.3%

52.1%

1/19/21

Genworth

7046

51

65.1%

65.1%

1/19/21

John Hancock

LTC-02 ME & BSC-02 ME

851

28.4%

27%

8/6/20

MedAmerica

FC-336-ME, FC-337-ME

54

25%

25%

7/15/20

MedAmerica

SPL2-336-ME SPL2-336-ME-0108

39

33.97%

32.1

1/4/21

MedAmerica

SPL-336

83

87.8%

32.25%

12/10/21

MedAmerica

14765-ME, 14767-ME

34

50.1% - auto inflation

50.1% - auto inflation

12/10/21

MedAmerica

NTQ11-337-MA-ME-601, LTQ11-336-MA-ME-601

7

29.9%

29.8%

12/10/21

MedAmerica

14765-ME, 14767-ME

23

9.2%

8.3%

11/16/21

MedAmerica

SPL-336

17

2.5%

2.2%

11/16/21

Metropolitan Life

G.LTC1697

15

21.0%

21%

10/13/20

Metropolitan Life

G.LTC1697, GCLTCAARP-04-OP

51

21.0%

21%

10/13/20

Metropolitan Life

G.LTC1697, G.LTC3098, G.LTC3198

277

21.0%

21%

10/13/20

Metropolitan Life

G.LTC1697, G.LTC3098, G.LTC3198

25

21.0%

21%

10/13/20

Metropolitan Life

LTC2007-ME

11

77.6%

0% -- Disapproved

10/13/20

Metropolitan Life

LTC2-IDEAL-ME, LTC2-VAL-ME, LTC2-PREM-ME, LTC2-FAC-ME

268

18.9%

18.9%

10/13/20

Metropolitan Life

LTC2-VAL-ME, LTC2-IDEAL-ME, LTC2-FAC-ME, LTC2-PREM-ME

170

24.17%

0% -- Disapproved

10/13/20

Metropolitan Life

LTC-IDEAL-ME, LTC-FAC-ME, LTC-VAL-ME, LTC-PREM-ME

102

28.63%

28.63%

10/21/20

Metropolitan Life

1LTC-97-ME, 2LTC-97-ME

142

26.95%

5.0%

11/13/20

Metropolitan Life

LTC2-VAL-ME, LTC2-IDEAL-ME, LTC2-PREM-ME, LTC2-FAC-ME

37

10.03%

1.66%

11/13/20

New York Life

ILTC-5000, and INH-5000 (sold prior to 2004)

33

45% - 80%

Withdrawn

3/11/20

New York Life

ILTC-5000, and INH-5000 (sold after 2004)

86

45% - 80%

45% - 80%

3/11/20

New York Life

ILTC-4300, and INH-4300

109

45% - 80%

45% - 80%

3/11/20

Prudential

ILTC-3R

9

No inflation – 0%
Inflation – 55%

No inflation – 0%
Inflation – 55%

9/3/20

Teachers Insurance & Annuity Assn.

LTC-ME.02 ED. 11-91, LTC-E-ME.02 ED. 11-91, LTC-ME.02 ED. 11-96, LTC-E-ME.02 ED. 11-96, LTC.03 (ME), LTC.03 (ME-1)

55

6.05%

4.03%

10/19/20

Teachers Insurance & Annuity Assn.

LTC-ME.02 Ed. 11-91, LTC-E-ME.02 Ed.11-91, LTC-ME.02 Ed. 11-96, LTC-E-ME.02 Ed. 11-96, LTC.03(ME), LTC.03(ME-1), and TCL-LTC.04(ME) Ed. 8/02

196

6.05%

4.03%

10/19/20

TIAA-CREF Life

TCL-LTC.04 (ME) ED. 8/04

4

6.05%

4.03%

10/19/20

Transamerica

LI 1-FP (ME) 402

36

62.4%

62.4%

12/4/20

Transamerica

Flex-2(ME), etc.

60

Compound inflation – 48.83%
Simple inflation – 21.36%

Compound inflation – 39%
Simple inflation – 14%

8/23/21

Transamerica

Flex-2(ME), etc.

23

Compound inflation – 48.83%
Simple inflation – 21.36%

Compound inflation – 39%
Simple inflation – 14%

8/23/21

Transamerica

GP001 796, GC001 LTC (ME) 499

307

Compound inflation – 48.83%
Simple inflation – 21.36%

Compound inflation – 39%
Simple inflation – 14%

8/23/21

Transamerica (filed through Interstate Compact)

TLC-4

75

12.36%

12.36%

11/9/20

 

 

 

If you have any questions or comments, please contact Sherry Ingalls at (207)-624-8476 or Sherry.L.Ingalls@maine.gov