Tag: Long Term Care Insurance

Long term care insurance takes another hit from exiting insurers

Logan B.
Long Term Care Insurance Industry - Insurance companies exiting - Goodbye

Another major player in this sector of the insurance industry has announced its market withdrawal. Amid a slew of existing struggles in the long term care insurance industry, Genworth has now announced that it has stopped selling individual stand-alone policies. Genworth had once been the largest seller of L.T.C. coverage in the United States. Genworth’s cessation of long term care insurance sales is immediate as a part of a broader move. This is becoming an increasing trend in the long term care insurance industry. Genworth is no longer selling individual…

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Massachusetts seeks to reverse decisions for denied life insurance by naloxone carriers

Logan B.
Denied Life Insurance - Life Insurance Form

The state has issued guidelines following a nurse’s rejection because she is trying to be a good Samaritan. Massachusetts has issued new guidelines regarding naloxone carriers after a nurse was denied life insurance. The state is hoping that life insurance and disability insurance companies will stop denying coverage to good Samaritans who are carrying the overdose-reversing drug in order to help those in need of it. The guidelines were issued this month in response to the story of a nurse who couldn’t get a policy. The Boston nurse carries the…

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Over 41% of long-term care insurance policies are in these 10 states

H. Cutner
Long-term care insurance - Woman having blood pressure checked

There are approximately 8 million Americans with L.T.C. coverage, and nearly half reside in 10 states. Newly released American Association for Long-Term Care Insurance (A.A.L.T.C.I.) data shows that approximately 8 million Americans are covered by some form of L.T.C. policy. That said, between one third and one half of those policyholders live in only 10 states across the country. The data is from 2017 but represents the latest issued by the N.A.I.C. annual study findings. The A.A.L.T.C.I. based its data on the National Association of Insurance Commissioners (N.A.I.C.) national study.…

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Mutual of Omaha lawsuit pushes insurer to cover patients taking Truvada

Logan B.
Mutual of Omaha - lawsuit

New applicants taking the HIV prevention medication had previously been denied policies. Mutual of Omaha settled discrimination allegations filed by the Massachusetts attorney general’s office. The insurance company has agreed to stop denying applicants who use HIV prevention medications such as Truvada. At the same time, the insurance company settled a second lawsuit in the state regarding a similar situation. In the second lawsuit, Mutual of Omaha settled with an unidentified man. The insurance company turned down the man’s long term care insurance application when he acknowledged that he took…

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General Electric seeks to divest itself of insurance business

Nordstrom
Insurance Business - Long Term Care

GE wants to step away from the long term care insurance that is now costing it far too much. General Electric Co. is currently seeking to unload its troubled insurance business. The American multinational conglomerate has been working with investment bankers to identify opportunities. The company’s insurance branch took on a wealth of expenses following shareholder lawsuits. GE’s insurance business was required to cover extensive charges at the same time it faced lawsuits from its shareholders. The company was also the subject of an investigation by United States regulators, according…

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Insurance denial case involving gay men in New York to be investigated by state

Julie Campbell
HIV insurance denial discrimination

State financial regulators will be looking into reports of discrimination against homosexual men. New York financial regulators are looking into recent reports of insurance denial involving gay men. The story originated in the New York Times and stated that gay men were being denied long-term care, disability and life insurance because of a preventative medication they were taking. The men were taking a medication to help boost their protection against H.I.V. when they applied for coverage. If the insurance denial allegations are true, it may mean that the insurers’ practices…

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John Hancock long term care insurance is shutting down

Logan B.

The insurer recently announced its intentions to step out of that market and will cease selling next month. As of December 2016, John Hancock long term care insurance policies will no longer be sold by the insurer. This announcement arrived as the company announced that it would be exiting that coverage market. The insurance company is owned by one of the largest long term care policy providers in the United States. John Hancock long term care insurance is owned by Canadian firm Manulife Financial Corp. That company is among the…

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