This report summarizes Milliman’s 2024 long-term care (LTC) insurance rate filing survey, covering 17 insurers representing more than 75% of the industry by premium volume ($7 billion). The study analyzes trends in LTC rate increase requests and approval outcomes, offering insights for interested parties in developing filing strategies.

Key findings

• 73% of submitted rate increases were fully or partially approved; the rest were disapproved or pending
• The average approved increase was 28%
• States with high approval rates included Alaska, Missouri, Puerto Rico, Wisconsin, and Wyoming
• Challenging states were California, Florida, New Jersey, New York, and Texas
• The top reason for rejection was political caps or non-actuarial factors
• 11.9% of impacted policyholders elected reduced benefit options (RBOs), up from 10.6% in 2021