Transamerica’s Newest Long Term Care Insurance Product Available for Sale
Transamerica’s newest Long Term Care Insurance product, Trans Care III, is now available in all 36 interstate compact states across the US.
Opportunity for Solutions 
Long term care planning is an important component of preparing for retirement and despite the market concerns about the industry, the company emphasized their belief in the “tremendous opportunity for long term care solutions” in their latest product announcement.
Transamerica is now giving quotes and taking applications for the product, which includes a number[…]
American Stroke Association Advocates Long Term Care Access for All Stroke Patients
A policy statement released by the American Heart Association and American Stroke Association emphasized the importance of an integrated stroke system, which includes access to long term care services for all stroke patients.
Key Components
The 25 page policy recommendation was released last week and includes key concepts and components of a modern stroke system. The document emphasizes integration and coordination of the various phases of stroke care in order to create a better functioning stroke system.
Dr. Higashida, co-chair of the writing group, explained that the suggested concepts are meant[…]
A Better Way to Buy Long Term Care Insurance
We’ve all heard some variation of this story: after years of paying premiums on time, someone files a claim with their insurance company, only to be denied benefits and cheated out of the coverage they deserve. No matter what type of insurance, this has happened to consumers, and long term care insurance buyers haven’t been spared. These stories are not blanket warnings against policies, however, although some people choose to use them as so. Rather, they are tools to help us make wiser decisions about how to buy insurance.
Choose Wisely
Many people bought long term care insurance policies when they first[…]
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[…]
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[…]
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