NU Online News Service, Oct. 5, 2004, 2:15 p.m. EDT
After increases as high as 45% for some long term policies within the last year,
Minnesota insurance regulators will be studying long term care insurance rates.[@@]
Rates for some LTC policies have increased as much as 45% within the last year, according to Minnesota Commerce Commissioner Glenn Wilson.
The Minnesota analysis will review recent rate increases, evaluate the chances of additional increases and look at what has been happening with rates in other states, Wilson says.
“The rates cannot be excessive, but they must be adequate so insurance companies will be able to meet their obligations to policyholders,” Wilson says.
The department is also updating its LTC information for consumers. The department hopes to complete the project by the end of the year.