Industry · MD
Maryland Insurers Request Long-Term Care Premium Increases Up to 300%
Four Maryland insurance companies have requested state approval for steep premium increases on long-term care insurance policies that would double or triple costs for thousands of seniors over five years. The rate hike requests were filed last week and await approval from state officials. If approved, the increases would affect existing policyholders' annual premiums beginning in the near term. The proposals reflect the broader financial pressures facing the long-term care insurance market, where carriers have struggled with underpriced policies and higher-than-expected claims.
Why it mattersPremium increases of this magnitude may force Maryland seniors to drop long-term care coverage and rely on Medicaid LTSS as the payer of last resort, increasing state program costs.