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…
Read MoreChoosing 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 MoreNew 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 MoreDepartment of Health and Human Services casts a wary eye at CLASS
The U.S. Department of Health and Human Services is currently reviewing a new report concerning the longevity of the Community Living Assistance Services and Support (CLASS) program. The long-term care program has generated controversy lately after the resignation of the program’s administrator and staff. As of now, the program will not receive any federal money in 2012. CLASS is designed to provide insurance coverage for those needing long-term care. The future of the program is currently in jeopardy but the HHS is not inclined to solve any of its problems…
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