John Hancock Financial raises rates on long-term care, sees backlash from consumers

John Hancock Financial, one of Colorado’s largest insurance companies, recently raised rates for long-term care coverage significantly. Some consumers saw increases as high as 90%, while other saw increases of half that number. The rate hikes have sparked the ire of consumers who say that these new rates are excessive. The state’s Department of Insurance is not being inundated with complaints concerning the matter, though regulators claim that the rates are somewhat justified. Long-term care insurance provides coverage for those that must take advantage of nursing homes or various types…

Read More

John Hancock announces re-entry into individual long-term care insurance in California

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…

Read More

Choosing the right long-term care policy to cover your needs

The percentage of people who have purchased life insurance has currently reached a figure that is lower than it has been in half a century, as many people debate whether or not the coverage is worth their money when they are already tightening their belts in an economy that continues to struggle in its recovery. Life insurance differs from standard medical insurance in that it provides coverage for individuals who require assistance with their daily living activities. For example, in the case of a broken shoulder or hip, dementia, or…

Read More

New long term care benefit available to Prudential customers

Prudential Insurance has announced that its long term care coverage products will now include a benefit that offers a program providing personalized, high quality guidance to help them to achieve independent living through a single integrated source. This benefit is known as the Univita Living program, which was created by Univita Health, and is built on a foundation of significant knowledge and research from professionals with significant experience in health and long term care. What the program provides is the ability for families and individuals to locate, coordinate, and manage…

Read More

Most Asset Based Long-Term Care Purchases Are Over Age 65 – Two Thirds Of New Single-Pay Life+LTC Policy Sales Are Over $100,000

The sale of asset-based long-term care insurance protection grew significantly according to research by the American Association for Long-Term Care Insurance (www.aaltci.org) the national trade organization. According to data gathered from the industry’s leading insurers, premium in 2010 increased 79 percent compared to the prior year. The number of covered lives increased 83 percent. “Asset based or linked products are experiencing growth as they are highly suitable for a very specific consumer,” states Jesse Slome, AALTCI’s executive director. “Financial planners and investment professionals who may not like the more complex…

Read More

Government Study Examines Long-Term Care Insurance Rate Increases – Only 1.6% Drop Coverage; 23% Actually Pay Less

PRESS RELEASE: A report released on August 16th by the U.S. Government Accountability Office (GAO) examines the impact of rate increases on long-term care insurance policyholders. Specifically, the report examines the Federal Long-Term Care Insurance Program (FLTCIP), the largest private long-term care insurance program in the nation. “As a voluntary plan consisting of typical employees, this is a most representative group,” states Jesse Slome, executive director of the American Association for Long-Term Care Insurance (www.aaltci.org), one of those interviewed by GAO staff preparing the study. “Instead of hyperbole, we now…

Read More

Is it time to think about long term care insurance

Among all of the different kinds of insurance given priority among Americans, long term care (LTC) insurance rarely makes the top of the list, but that doesn’t mean that it isn’t something that can offer great benefit. It is important to understand LTC insurance before buying a policy or failing to do so. While you speak with your insurance agent about your portfolio, it may be wise to consider LTC if it is something that he or she has recommended. All too many families have found themselves facing severe financial…

Read More