John Hancock has announced that it will be resuming its place as a part of the California individual long-term care insurance marketplace, starting on February 27, 2012, through both its Custom Care III (non-Partnership) and its new California Partnership policy.
These two policies will provide comprehensive long-term care coverage for all circumstances, such as assisted living facilities, nursing homes, adult day-care centers, and at home, and will also provide the policyholder with care planning and care giving support.
The president of John Hancock long-term care insurance, Marianne Harrison, expressed the insurer’s excitement about their reentry into that segment of the California marketplace. She said that the availability of these policies will provide both consumers and advisors with significant options for consideration when it comes time to think about this form of protection.
Harrison explained that “Both policies provide robust coverage but each has different features that might fit better with consumers’ varied situations.” For instance, the California Partnership policy at John Hancock provides the special benefit of Partnership policies that let individuals who have already reached their maximum coverage limits to further protect some of their assets from the spend-down regulations from Medi-Cal.
One of the unique features that John Hancock will be bringing to California includes a part of its Custom Care III (non-partnership only), is the compound inflation CPI option. This is important because it is a form of inflation that decreases the cost of the premium in comparison with an option that uses a traditional form of compound inflation, and it brings the changes in the Consumer Price Index together with the increases in the annual benefit.
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