Two New York-based insurers — Metropolitan Life Insurance and Unum Life Insurance — requested rate increases up to 114 percent for long-term care policyholders in Florida, according to Florida's insurance commissioner.
Metlife, one of the largest long-term care and life insurance companies in Florida, requested rate increases ranging from 20 percent to 95 percent. If approved, approximately 22,796 policyholders would see their average annual premiums increase from $1,593 to $2,580.
Unum, the U.S.'s largest disability insurance provider and one of the largest long-term care insurers in Florida, requested rate increases ranging from 0 percent to 114 percent. If approved, approximately 45,666 policyholders would see their average annual premiums rise from $581 to $862.
The majority of affected policyholders reside in Broward and Miami-Dade Counties.
Florida Office of Insurance Regulation will hold two public hearings Aug. 12. Both insurers will discuss the proposed rates and public comment will be open.
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