As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Alabama has now allowed the following increase for New Jersey certificates issued under a group master policy issued to a trust in Alabama: New Jersey Product Series Increase Percentage Privileged Choice 12.8% Classic Select 12.8%     This rate increase was filed and approved in accordance with the laws and regulations of Alabama in which these certificates were issued. The New Jersey Department of Banking and
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As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. In September 2013, we began seeking premium increases on certain Privileged Choice and Classic Select policies sold between 2003 and 2012. Subsequently, we received approval for, and implemented, a 12.8% premium increase in Alabama. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the full amount
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Starting August 21, 2017 new procedures will take effect for long term care insurance policyholders who wish to reduce their Benefit Increase Option (BIO) to an available level or remove their BIO entirely. For all policies issued prior to October 1, 2007: New:  If reducing BIO: We will allow policyholders to retain their increased daily benefit amount (DBA). The new premium is calculated using original issue age, policy effective date and a new starting DBA that would have been required with the reduced BIO percentage to reach the policyholder’s current increased DBA. No Change:  If removing BIO: We will allow
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