The Connecticut Insurance Department denied a request by ConnectiCare Insurance Company, Inc. to decrease rates an average 0.91 percent starting October 2012 on policies sold from Oct. 1, 2009 through March 1, 2010 and April 1, 2010 through Dec. 1, 2011.
Requesting a decrease in rates is not the kind of rate request insurers usually make. Connecticut turned down Mutual of Omaha’s 18.7 percent LTCI rate increase proposal just last month. From Sept. 1, 2011 through March 10, 2012, there were 186 double-digit rate increase announcements, according to a HealthCare.gov report.
The Department of Health and Human Services reviewed 28 rate increase proposals from that same period and concluded 71% were unreasonable.