More than 3,000 Mainers who have long-term care insurance with Genworth are facing proposed rate increases. At least 1,200 could see their rates jump by more than 230%.
In response to consumer complaints, the Maine Bureau of Insurance is holding a public forum on the issue at 10 a.m. Monday.
And while the forum is focused on Genworth, state insurance Superintendent Bob Carey says steep rate increases are a problem across the long-term care insurance market.
"This is a nationwide problem," Carey says. "This is not a Maine only problem. I work with insurance commissioners and superintendents from around the country. We're constantly talking about long-term care increases and what can be done."
Carey says long-term care insurance was vastly underpriced in the '80s and '90s, and now companies are raising rates to cover claims.
The Maine Bureau of Insurance will finish its review of Genworth's proposed rates after the forum and determine how much of an increase is justified.
