Long Term Care Insurance Premium Increase

​People who have purchased long-term care insurance through SEGIP will see a premium increase in each of the next 3 years. This post answers questions about when, why, and how much the premiums will change.

​What is long-term care insurance, and how do I know if I have it?
Long-Term Care (LTC) insurance pays for a variety of services for people who are unable to care for themselves. Long term care services may include assistance in a home, adult day care center, an assisted living facility, or nursing home. Long-term care insurance is different from long-term disability insurance, which provides you with income protection in the event that you become disabled.

If you are a current employee, you can check your paystub to see if premiums for long-term care insurance are being deducted. If you have long-term care insurance and are not on payroll deduction, you would be paying premiums directly to the insurance carrier, CNA.

How much is the increase?
Premiums for current enrollees will go up by a total of 45.475%, with the increase phased in over three years. In the first year, premiums will increase by 15%, by an additional 15% in the second year, and then another 10% in the third year. Note that the rate increase described here applies only for Minnesota residents; changes for residents of other states may be different in amount and timing.

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