Filed Under:Health Insurance, Ltci

New York Life seeks LTCI rate increase

The insurer says it expects claims costs to be higher than originally anticipated.
The insurer says it expects claims costs to be higher than originally anticipated.

New York Life Insurance Company is asking Connecticut insurance regulators for permission to increase rates on two blocks of long-term care insurance (LTCI) policies.

New York Life would increase rates for 546 holders of Form 5000 policies by an average of 21.1 percent, to $2910

The rate increases would apply both the policy forms and to any riders.

"Normal New York Life renewal commission rates will be applied to any increase in premium," Sheryl Babcock, a New York Life actuary, wrote in the actuarial memoranda accompanying the filings.

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