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Maine Bureau of Insurance to Hold Public Forum March 3rd to Discuss Proposed Genworth Long-Term Care Insurance Rate Increases

February 24, 2025
Professional and Financial Regulation

Maine Bureau of Insurance to Hold Public Forum March 3rd to Discuss Proposed Genworth Long-Term Care Insurance Rate Increases. More than 3,000 Mainers impacted by proposed increases ranging from 1.8% to 233%

Maine Superintendent of Insurance Bob Carey has announced that the Bureau of Insurance will hold a public forum on Monday, March 3rd at 10:00 AM to discuss proposed rate increases sought by Genworth Life Insurance Company.

The forum is intended to provide affected Genworth policyholders with information on the long-term care insurance market, the rate approval process, and the reasons Genworth is seeking these increases. Those who wish to attend the forum virtually or in person must preregister through a form on the Bureau's website (https://www.maine.gov/pfr/insurance/news-public-notices/public-event-notices ). Attendees may offer comments and ask questions about the proposed increases. Representatives from both Genworth and the Bureau will provide information and answer questions about the rate review process. Written comments as well as questions about registration should be directed to insurance.pfr@maine.gov.

The proposed rate increases range from 1.8% to 233% and affect 3,057 Maine policyholders across seven blocks of long-term care insurance. The largest block has 1,274 Maine policyholders and has a proposed increase of 233%.

Genworth's filings have been under review since early November 2024. Following the forum, the Bureau will complete its review and determine whether and how much of an increase is actuarially justified. In addition to Genworth's rate filing request, the Bureau will consider policyholders comments made at the forum and submitted in writing. If a rate increase is approved by the Bureau, policyholders will receive another notice from the company explaining the increase and any options available to policyholders to mitigate the increase. Companies must give 90 days notice before the increase takes effect and may specify a timeframe in which reduced benefit options need to be selected.

"The Bureau will only approve rate increases that are actuarially justified," stated Carey. We strive to maintain a competitive insurance market with solvent insurers that can pay claims, while also making sure premiums are affordable. At times it can be a difficult balancing act."

"Though some of these proposed rate increases are quite high, the Bureau generally requires insurers to provide policyholders with benefit change options, which may lessen the amount of the premium increase. Policyholders should keep in mind that they will receive an additional notice from the insurer with specific information about the approved rate change as well as the date it takes effect," Carey added.

To learn more about potential plan options that may assist with affording long-term care insurance, please consult the Bureaus Long-Term Care Rate Increases FAQs web page (https://www.maine.gov/pfr/insurance/node/977 ). For a general overview of long-term care insurance, please visit the Bureaus Long-Term Care Insurance web page (https://www.maine.gov/pfr/insurance/consumers/long-term-care-insurance ).

Consumers with questions about insurance matters can obtain information and assistance from the Maine Bureau of Insurance by visiting www.maine.gov/insurance, calling 800-300-5000 (TTY call Maine Relay 711), or e-mailing Insurance.PFR@maine.gov. See more about how the Bureau can help.

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Related Documents

Download a PDF version of this press release regarding March 3, 2025 forum to discuss Genworth rate increases