Fitch labels General Electric insurance “risky”, sending share prices tumbling

General Electric Insurance - long term care

A new report called the long term care insurance backer the riskiest one in that sector. A new Fitch Rating report referred to General Electric insurance as one of the riskiest backers of long term care coverage. It pointed to the company’s substantial claims exposure and comparatively small cash reserves for paying those claims. As a result of the new designation, G.E. saw its shares take a nose dive at the start of the week. The Fitch Ratings report is issued annually. The credit ratings agency underscored concerns outlined by…

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Long term care insurance is struggling due to many factors

Long Term Care Insurance Industry

There are many causes of the challenges faced by this sector of the industry. The long term care insurance sector of the industry has been facing a lot of difficulties over the last few years due to a lack of new customers and increased use by older policyholders. Carriers have been giving up on the sector altogether and have been dropping out of it. The long term care insurance companies that have decided to hold their ground within the sector are resorting to efforts that are less favorable to the…

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The price of long-term care insurance coverage is on the rise

As the Baby Boomer generation comes to the cusp of the discovery that long-term care insurance may be a wise step to cover potential upcoming needs, the insurance industry has found that this sector of its marketplace is withering, the price of its policies is skyrocketing, and the available coverage is being changed by the insurers. Long-term care insurance is the coverage that has been designed to provide payments for the medical services that are not usually covered by standard health insurance, for example: in-home care, nursing homes, and assisted…

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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…

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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…

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