Two large long-term care insurers are seeking large rate increases – up to about twice as much as what policyholders are currently paying, state regulators said Wednesday.
A majority of affected policyholders live in Broward and Miami-Dade counties, and the state Office of Insurance Regulation plans to hold public hearings over the proposed hikes on Aug. 12 in North Miami.
Metlife, the largest life insurance company in Florida, as well as one of the state's largest long-term care insurers, is seeking rate hikes from 20 percent to 95 percent for 22,796 Florida residents. If approved, the average annual premium would change from $1,593 to $2,580.
Unum, the largest provider of disability insurance products in the U.S., is proposing rate increases from 0 percent to 114 percent for 45,666 Florida policyholders. If approved, the average annual premium would change from $581 to $862.