In-Force Rate Action Announcement: South Carolina (Pre-PCS, PCS I, PCS II, Choice 1)

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.

South Carolina has now allowed the following increase:

South Carolina
Product Series Increase Percentage for Policies
with Limited Benefit Periods
Increase Percentage for Policies
with Lifetime Benefit Periods
Pre-PCS 9% 20%
PCS I 20% 20%
PCS II 20% 20%
Choice 1 20% 20%

This rate increase applies to Non-AARP, non-partnership policies only.

Communications Timeline
Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin May 1, 2018 and will continue throughout the next year. Impacted policyholders will be notified at least 60 days in advance of their billing anniversary dates.

* If we have your email address on file, you will receive an agent notification through email. If you do not receive an email, you will receive a hardcopy notification in the mail.

NOTE: Policyholders currently on claim will still receive a rate increase notification. However, if they are on waiver of premium, the rate increase will not apply until the premium is no longer waived and becomes due.
With this premium increase, eligible  Choice 1 policyholders may consider the Stable Premium Option to ensure no additional rate increases until at least 2028. This option includes a specific set of benefits shown in their premium increase notification.
See the Stable Premium Option bulletin dated April 9, 2018 for details.
This premium increase also includes the Limited Benefit with Partial Return of Premium option as an additional choice for eligible  Pre-PCS, PCS I, PCS II and Choice 1 policyholders to consider if they choose to pay nothing more. It allows the policyholder to keep benefits equal to 50% of the premiums paid (to include care coordination) and receive a refund equal to the remaining 50% of their premiums paid. Any claims paid to date are subtracted from the total premiums paid prior to calculating the remaining benefits and refund.
See the Limited Benefit with Partial Return of Premium bulletin dated April 23, 2018 for details.
Policyholders are encouraged to call our Customer Service Team at 877-710-0817. Our team will be able to answer questions and provide policyholders with information about how they may be able to reduce premiums.

In-Force Rate Action Announcement: South Carolina (Pre-PCS, PCS I, PCS II, Choice 1)