Rate increases have been a fixture in the long-term care (LTC) industry for well over a decade. However, filing requirements and actuarial reviews have evolved over this time. Although a more uniform approach to actuarial reviews is being pursued as part of the Multi-State Actuarial (MSA) review process, rate increase filings continue to be a state-by-state process. In addition, regulations and practices differ widely among states, resulting in a complex terrain for companies to navigate.

To help companies obtain a better sense of the rate increase landscape, Milliman surveyed carriers about their recent LTC rate increase experiences. This survey represents an update to one conducted in 2016. A total of 20 companies participated in the survey, representing 65 percent of LTC premium in the United States. Of the responding companies, 18 provided detailed information on 35 nationwide rate increase filings, comprising more than 1,000 submissions to individual states.

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