To help stabilize long term care insurance premiums and help prevent long term care insurance rate increases, Oklahoma has enacted strict regulations. Recent evidence shows that these newer regulations are working very well to reduce the frequency and size of long term care insurance rate increases.
How well are these regulations working in Oklahoma?
There are 16 insurance companies that have issued over 80% of the long-term care insurance policies. Based upon data published in December 2015, of those 16 companies, 88.42% of their rate increases in Oklahoma have been on policy forms that are not protected by these regulations. Only 11.58% of the rate increases in Oklahoma have been on policy forms protected by these regulations. In fact, 6 of the top 16 companies have not had any increases on any of the policy forms they’ve sold in Oklahoma since November 1st, 2001.