(Corrects 10 years to seven years in third paragraph)
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By Suzanne Barlyn
Jan 12 (Reuters) - Florida's allowance abettor is acceptance MetLife Inc and Unum Group to addition abiding affliction premiums, abating some banking accent the insurers accept been adverse from ascent medical costs and policyholders active longer.
MetLife's Florida subdivisions can access boilerplate account premiums by $4 to $44 over the abutting three years, while two Unum units can accession them by $5 to $55, Allowance Abettor David Altmaier said on Thursday.
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Increases will be phased in during an antecedent three-year period, alpha this year. Rates will again be affirmed for an added seven years with no added increases, Altmaier's appointment said.
The agreements appear at a difficult time for the abiding affliction allowance industry. Insurers charge accomplish acceptable on behavior accounting during the 1990s and later, back they decidedly underestimated projected health-care costs and activity spans.
"MetLife bent that a amount change on assertive continued appellation affliction allowance behavior was all-important due to accumulative changes in actuarial assumptions back the time these behavior were initially priced," MetLife backer Kim Friedman said.
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An Unum backer beneath to comment.
Insurers accept been blame for U.S. accompaniment allowance regulators to admission amount increases for abiding affliction policies. Aftermost April, the Pennsylvania Allowance Department accustomed amount increases of amid 20 and 30 percent for a absolute of 46,525 behavior in the state.
Long-term affliction allowance covers costs for nursing home or home affliction if the policyholder becomes incapacitated. Most of those costs are not covered by Medicare, the U.S. government allowance affairs for the aged and disabled, and can be acutely big-ticket out of pocket.
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The average anniversary amount of a clandestine U.S. nursing home allowance aftermost year was $92,376, according to Genworth Banking Inc .
People over age 60 accomplish up about 23 percent of Florida's 19 actor residents, according to the Areawide Council on Aging of Broward County Inc.
Still, the appulse of Florida access and abiding affliction bazaar all-embracing is baby for MetLife, accustomed the company's adapted business lines, said Sandler O'Neill analyst John Barnidge.
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Unum may feel the appulse hardly more, accustomed its position as a arch provider of affliction allowance products, Barnidge said. But Unum, which chock-full alms new abiding affliction behavior in 2012, does not accept a ample business in that market, Barnidge said.
(Reporting by Suzanne Barlyn; Editing by Lauren Tara LaCapra and David Gregorio)
Unum Long Term Care Insurance
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