MetLife Inc. announced Thursday that it was exiting the long-term care insurance (LTCI) market. Citing “financial challenges facing the LTCI industry in the current environment,” the company will not accept individual applications after Dec. 30, 2010. New enrollments into existing group and multi-life plans will also cease in 2011, with the timing depending on existing contractual obligations.
According to a report by NU Online News Service, the move will not affect existing policyholders. Those currently insured will be able to keep their coverage and even make changes such as adding inflation protection, if the terms of their policies allow it.