Long-term care insurance is a type of insurance that helps people pay for the cost of long-term care, such as a nursing home or assisted living facility. Long-term care can be very expensive, so long-term care insurance can be a valuable financial safety net.
In 2010, a class action lawsuit was filed against MetLife, one of the largest long-term care insurance companies in the United States. The lawsuit alleged that MetLife was improperly increasing premiums on long-term care policies purchased by people who had turned 65 years old.
The lawsuit specifically alleged that MetLife was violating the terms of a rider that many policyholders had purchased called the “Reduced-Pay at 65” rider. This rider allowed policyholders to pay lower premiums until they turned 65, at which point their premiums would increase. However, the lawsuit alleged that MetLife was increasing premiums by more than the amount that was allowed under the terms of the rider.
The lawsuit also alleged that MetLife had engaged in deceptive marketing practices by misleading policyholders about the potential for premium increases.
The MetLife long-term care class action lawsuit went on for several years. In 2020, MetLife agreed to settle the lawsuit for $84 million. The settlement provided refunds to policyholders who had been overcharged premiums and also capped future premium increases.
FAQs:
Q: What is the MetLife long-term care class action lawsuit?
A: The MetLife long-term care class action lawsuit was a lawsuit filed against MetLife, one of the largest long-term care insurance companies in the United States. The lawsuit alleged that MetLife was improperly increasing premiums on long-term care policies purchased by people who had turned 65 years old and that it had engaged in deceptive marketing practices.
Q: Who was eligible to be part of the MetLife long-term care class action lawsuit?
A: To be eligible to be part of the MetLife long-term care class action lawsuit, you had to have purchased a MetLife long-term care policy that included the “Reduced-Pay at 65” rider and have been overcharged premiums.
Q: What was the outcome of the MetLife long-term care class action lawsuit?
A: The MetLife long-term care class action lawsuit was settled for $84 million in 2020. The settlement provided refunds to policyholders who had been overcharged premiums and also capped future premium increases.
Q: How do I know if I was affected by the MetLife long-term care class action lawsuit?
A: If you purchased a MetLife long-term care policy that included the “Reduced-Pay at 65” rider, you should have received a notice about the class action lawsuit. If you are unsure whether you were affected, you can contact the class action lawyers at Goldenberg Schneider, LPA: https://www.gs-legal.com/.
Q: How do I file a claim to get a refund from the MetLife long-term care class action lawsuit settlement?
A: If you were affected by the MetLife long-term care class action lawsuit, you can file a claim to get a refund from the settlement. To file a claim, you will need to provide proof that you were overcharged premiums. You can get more information about how to file a claim at the MetLife Long-Term Care Settlement Website: https://www.metlife.com/ltc/.
Conclusion:
The MetLife long-term care class action lawsuit was a major victory for long-term care insurance policyholders. The settlement provided refunds to policyholders who had been overcharged premiums and also capped future premium increases. This will help to ensure that long-term care insurance remains affordable for policyholders.
References:
- MetLife Long Term Care “Reduced-Pay at 65”: https://metlife-prod.adobecqms.net/about-us/newsroom/2007/july/long-term-care-insurance–the-essentials-available-free/
- After 8 Years, MetLife Agrees to Settle Class-Action Lawsuit for $84 Million: https://www.enjuris.com/blog/news/metlife-class-action-lawsuit/
- Court Rejects Insurer’s Interpretation of its Own Policy Language on Limitations Period: https://www.millernash.com/firm-news/news/suit-limitation-clauses-held-ambiguous-when-insurance-carriers-deviated-from-the-statutory-language
