Milliman’s 2024 long-term care (LTC) rate increase survey—the third iteration following 2016 and 2021—gathers responses from 17 carriers representing more than 75% of LTC premium in the United States. The survey helps stakeholders understand national trends in rate filings, approval outcomes, and policyholder behavior, and is featured in the April issue of Long-Term Care News by the Society of Actuaries.

Key findings

• Average rate increase request was 56% for all submissions in 2024, up from 47% in the 2021 survey
• Cumulative requested rate increases continue to vary greatly among jurisdictions and blocks, with levels frequently exceeding 400%
• The average time to approval for filings in the 2024 survey was six months, versus seven months in 2021
• Approval averaged increases of 28%, consistent with the 29% average in 2021
• 11.9% of policyholders elected for a reduced benefit option
• 2% of policyholders elected for a contingent benefit upon lapse option

Read this article on the Society of Actuaries website here.