Pending & Recent Rate Increases

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

Continental General (formerly under United Teacher Associates) 4LTCIP0001 19 165.2% 8/3/22
Continental General (formerly under United Teacher Associates) 2LTCIP0001 (sold on or after 10/1/04) 9 57.6% 8/3/22
Continental General (formerly under United Teacher Associates) 2LTCIP0001 (sold on or after 10/1/04 2 57.6% 8/3/22
Continental General (formerly under United Teacher Associates) 1LTCIP0001, 1LTCIP0002 18 53.5% 8/3/22
Continental General (formerly under United Teacher Associates) 1LTCGP0001, 1LTCGP0008 13 44.3% 8/3/22

Recently Approved Rate Increases

Company

Policy
Form

Number of
Policyholders
in Maine

Increase
Requested

 

Increase
Approved

Date
Approved

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
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 7003, 50000, 50003, 50020, 50023 50 95.8% 0% -- Disapproved 3/28/22
Genworth 7046, 7050, 7053 458 104% 61% 5/3/22
Genworth 7044 Rev 214 140% 53.3% 5/3/22
Genworth 7042, 7044, 7042 Rev, 7044 Rev 233 122% 55% 5/3/22
Genworth 7042, 7044, 7042 Rev, 7044 Rev 1,570 141% 53.3% 5/3/22
Genworth 7035 867 112.5%

63.1% - Lifetime benefit period
19.1% - Limited benefit period

5/3/22
Genworth 7030, 7031, 7032 493 122.6%

35% - Lifetime benefit period
9.5% - Limited benefit period

5/3/22
Genworth 7000, 7020 209 147%

3.8% - Lifetime benefit period
0.2% - Limited benefit period

5/3/22
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
Mutual of Omaha LTC04I-TQ 68 39.7% 26.45% 10/21/22
Mutual of Omaha LTC09M 295 102.8% 79.0% 10/21/22
Prudential ILTC-1 142 29.4% 20.98% 8/19/22
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
United of Omaha LTC09U [-AG, -5ML, -10ML] 158 109.2% 74.5% 10/21/22

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