MetLife Rolls Out California Partnership Program to Small- and Mid-Size Businesses Across the State; New Statewide Program is First to Deliver CPLTC-Certified Long-Term Care Policies Through the Workplace

Business Wire, Nov 9, 2005

WESTPORT, Conn. -- California employees who are worried about financing their Long-Term Care needs, or those of a loved one, have a new option at their disposal: Long-Term Care Insurance Partnership policies from MetLife, Inc. (NYSE: MET).

Today MetLife launched a new statewide long-term care insurance program that will be offered through the workplace, and is the only program of its kind endorsed by the California Partnership for Long-Term Care (CPLTC). This new program gives California employees access to CPLTC-certified policies through the workplace. CPLTC-certified policies are designed to help protect the financial independence of Californians and contain a special "lifetime asset protection" feature.

"As the workforce matures, the need for quality long-term care planning is becoming increasingly acute," notes Jodi Anatole, vice president, MetLife Long-Term Care. "Nationwide, more than one-third of all employers expect workforce demand for, and participation in, long-term care insurance programs to increase over the next 18 months. California employers and employees are no exception."

California is among the leading states in long-term care insurance coverage with 7.2 percent of all adult Californians covered under policies, compared with 5 percent of adults nationwide. Though California ranks above the national average, the vast majority of California residents are uninsured, leaving them vulnerable to high costs for long-term care services. MetLife's Mature Market Institute estimates the average cost of long-term care in California at $26,000 per year for home-based care and $34,000 per year for residential care facilities.

"Statistics show that one out of two women and one out of three men over the age of 65 will spend some time in a nursing home," said California Department of Health Services Director Sandra Shewry. "Nursing home care in California currently averages about $180 a day, or $66,000 a year. These costs are generally not covered by Medicare or private health insurance. The Partnership's mission is to provide Californians with affordable long-term care insurance protection."

Notable highlights of the MetLife program offering of California Partnership policies through the workplace are:

--State Endorsement - MetLife is the only workplace provider endorsed by the California Partnership for Long-Term Care

--The MetLife/CPLTC Program can be offered as an employer-paid or voluntary benefit

--A variety of choices - MetLife offers a wide range of options and flexible payment riders from which employees can choose to help them customize a plan that meets their individual life cycle and financial needs

--Productivity - By offering long-term care insurance to employees and their family members, employers give their employees an effective way to help manage the potentially high costs of caring for a spouse, parent or loved one who may become chronically ill or injured and also helps employees manage their time at work, which can have a positive impact on a company's bottom line

--Tax-qualification - Policies are designed to be tax-qualified, which could bring tax advantages to both employers and employees

--Asset protection: Benefits paid under the MetLife Partnership policy are added to Medi-Cal asset exemptions and are protected against "spend-down" rules to help secure employees' financial future

MetLife, a subsidiary of MetLife, Inc. (NYSE:MET) is a leading provider of insurance and other financial services to millions of individual and institutional customers throughout the United States. Through its subsidiaries and affiliates, MetLife, Inc. offers life insurance, annuities, automobile and homeowner's insurance and retail banking services in individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions. Outside the U.S., the MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe. For more information, please visit www.metlife.com.

Neither MetLife nor its representatives or agents are permitted to give legal or tax advice. Any discussion of taxes included in or related to this document is for general informational purposes only. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances.