Transamerica Announces New Long Term Care Insurance Policy TransCare III
Beginning in September, Transamerica’s newest long term care insurance policy, TransCare III, will be available for sale across the nation.
Next Generation
TransCare III represents what Transamerica calls the “next-generation of Long Term Care insurance”. As life expectancy increases, technology improves, and health care gets more expensive, long term care insurance providers are making adjustments to react to the new cost environments.
The new policy will be available for individual sales in all Interstate Compact states on September 10th, 2013. The company is seeking approval from the Departments of Insurance in all other states and plans to begin sales in those states upon approval.
According[…]
New Tablet Helps Seniors Manage Health and Communicate with Family
A button-free tablet designed specifically for seniors was recently introduced by a healthcare company. The tablet is meant to help users manage their health regimen and keep in contact with family members.
Interface and Communication
The Claris Companion – photo provided by Claris Healthcare
Claris Healthcare released the tablet last month and has begun sales in their online market. The tablet features a simple user interface, a button-free design, and the device comes completely configured. Purchasers must create an account before buying the tablet, in order to have[…]
John Hancock Makes Adjustments to State Partnership Long Term Care Insurance Products
John Hancock has announced the discontinuation of the sale of its California Partnership Long Term Care Insurance product, effective Monday, September 16.
Strict Regulations and Low Sales in California
The company described the move as a “difficult decision” based on “continued low sales volume” and their findings “that the strategic direction of our LTC products and markets no longer synchronizes with California Partnership regulatory requirements”.
Current policyholders of California Partnership plans will not be affected by the changes, and already existing plans remain guaranteed renewable. However, the company did note that premium rates can be raised based on regulatory approval. All applications for[…]
Genworth Enacts New Underwriting Guidelines for Type 2 Diabetics
Genworth, the nation’s largest provider of long term care insurance, issued a press release today announcing a change in underwriting guidelines for their long term care insurance policy Privileged Choice Flex 2. The change affects applicants with non-insulin dependent, Type 2 Diabetes.
Underwriting Category Eligibility
According to the press release, all applicants with non-insulin dependent, Type 2 Diabetes will no longer be eligible for the “Select” underwriting category. They will now only be eligible for the “Standard” underwriting category and applicable quotes will apply for these policies. The change in underwriting guidelines only impacts applicants for Privileged Choice Flex 2 and will[…]
Lincoln Financial Updates Hybrid Life + LTCI Product MoneyGuard Reserve Plus
Lincoln Financial announced changes this week to MoneyGuard Reserve Plus, their hybrid Life + Long Term Care Insurance product.
Changes Meant to Sustain LTCI
The recent adjustments are to the Enhanced Surrender Value Endorsement (ESVE) and will not affect the core benefits of the policy. The changes will go into effect on August 16, 2013 and will affect policies in all applicable states except New York.
In the official press release, the company described the purpose of the the changes in their press release as one to “ensure the strength and sustainability of its long-term care solution through all market environments”.
The adjustments to the policy[…]
CalPERS Sued Over Long Term Care Insurance Rate Increases
A lawsuit was brought against CalPERS, the California Public Employees’ Retirement System, on Tuesday over the agency’s recent Long Term Care Insurance rate increases.
Retirees Bring Class Action
The class action suit against CalPERS was filed in Los Angeles Superior Court on behalf of more than 100,000 California residents. The lawsuit claims the government agency deliberately deceived consumers who purchased Long Term Care Insurance policies by assuring the premium rates would remain “reasonably priced”.
CalPERS began selling Long Term Care Insurance policies in 1995. Last fall, premium rate increases of 85% were approved for implementation in 2015. CalPERS attributed the need for rate[…]
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