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Genworth
Old 05-23-2010, 06:34 AM   #41
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Genworth

Several years ago, I purchased a LTC policy for myself and wife from Genworth througth a broker. I have had for maybe 4 years now, and to date, the policy premiums have not changed. Two interesting thigns: (1) about 6-9 months ago, I got a letter from Genworth--a reminder of sorts that my LTC premiums were not guaranteed. They were not raising my rates, but letting me know that those premiums could be increased. I obviously have taken that as a sign that a rate increase is likely/possibly (you choose the word). Also, the broker that sold me policy (USAA) told me they no longer sell/reprsent Genworth. I asked why and he told me that it was because Genworth no longer met their financial standards. (Someone here posted the AM Best Rating of several companies--I think Genworth's was the lowest among those posted.) Now USAA's somment to me could just be a bunch of bunk--it might be because Genworth cut their commissions, but I have always found USAA to be pretty professional and reputable, so I take them at their word. Anyway, the lower rating made me think that was nother reason why the might soon be increasing thier rates.
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Old 05-23-2010, 06:56 AM   #42
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Ratings are important.

LTC insurance is one of those products that mitigates the risk of unexpected health care costs. Often, the increases in insurance premium winds up being the unexpected cost.

IMO - It is worthwhile to consider it if you can get a decent deal with a strongly rated company.

But it is only one tool. There are other ways to try to protect oneself from the financial impact as well as the financial impact to the surviving spouse.

No matter how you approach it... You either take the risk and hope for the best or you try to mitigate the risk (which will cost money).

We have taken a proactive approach... Understanding the issues, your options, and developing a plan (before you find yourself or a spouse needing LTC) is the best approach.

Some have discussed the use of Life Insurance to protect the surviving spouse from poverty. It seems some people use Irrevocable Trusts. Some states have better rules that enable the spouse to keep more. It seems that some state allow the spouse to keep the house and some amount of assets and income. Some states let the spouse have half the assets, others have a low dollar cap.

This is another one of those situations where spreading the risk broadly across a large population is an important component of reducing costs.... but it seems few are willing to pay to mitigate the risk. For the majority of the population... the tax payers bear the burden.
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John Hancock Premium Estimator
Old 05-23-2010, 07:02 AM   #43
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John Hancock Premium Estimator

John Hancock sample long term care premium estimator

Long-Term Care Insurance Plans and Information - John Hancock Long-Term Care
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Old 05-28-2010, 04:26 PM   #44
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Does any company offer a single premium option?

My ideal policy would have a long, say 5 years, exclusion period, but an unlimited inflation adjusted benefit after that exclusion. Basically, I want to self insure for the likely cases, but pay someone to cover the long shot case where my wife or I live for a very long time. However, I'm totally unwilling to buy into a deal where the other side can change the price anytime they want during the next few decades before there is much chance I will get any benefits!
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Old 05-30-2010, 12:24 PM   #45
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Originally Posted by bamsphd View Post
Does any company offer a single premium option?

My ideal policy would have a long, say 5 years, exclusion period, but an unlimited inflation adjusted benefit after that exclusion. Basically, I want to self insure for the likely cases, but pay someone to cover the long shot case where my wife or I live for a very long time. However, I'm totally unwilling to buy into a deal where the other side can change the price anytime they want during the next few decades before there is much chance I will get any benefits!

A few of the top long term care insurers offer single-pay policies. Most of them include a refund of premium upon death.
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Old 01-24-2011, 02:38 PM   #46
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First of all, I apologize for resurrecting an old thread. It seems to be the most relevant one on the board for this information.

I just received my annual renewal notice from John Hancock. My premium did not change. Either they did not get their Texas filing done in time or my policy (written in 2004) was outside the scope of their increase.

I pay a flat $1,515 each year for a lifetime policy with a 60 day elimination and 5% compound inflation. My new monthly benefit is a little over $5,000.

I think the lifetime provision was discontinued shortly after I bought my policy. I should reach the break-even point between the premium and the coverage in about four more years so I'll be paying less premium for higher coverage. In ten more years I'll have about $100,000 annual coverage for the same premium.

I wish John Hancock would create a robust website for the LTC customers. In this technology age, it's strange for such a large business to have such a bland website. It's the only company with whom I do business that only takes checks and only corresponds by USPS. I have to call them after the check processes to get an updated benefits summary. I just don't get it....
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Old 01-25-2011, 04:12 PM   #47
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We have Hancock LTC insurance through USAA and pay automatically each quarter using a credit card. Strange that Hancock direct wouldn't have the same.
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Old 01-25-2011, 07:36 PM   #48
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We have Hancock LTC insurance through USAA and pay automatically each quarter using a credit card. Strange that Hancock direct wouldn't have the same.
Mine is through USAA also. This is the odd thing - you can pay quarterly by credit card; but, not annually. I get a reduction in premium for paying annually so I'm not about to give that up.

Does JH send you an updated benefits statement each year or do you have to call and request it (I have to call)?
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Old 01-26-2011, 06:44 AM   #49
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Good point on the annual payment discount. Just couldn't bring myself to cough up that big a lump every yr. Have only had it for a year but have not rec'd an updated benefits statement as yet.
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Old 01-26-2011, 02:41 PM   #50
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Good point on the annual payment discount. Just couldn't bring myself to cough up that big a lump every yr. Have only had it for a year but have not rec'd an updated benefits statement as yet.
I call JH the day after my renewal date to get an updated benefits statement. It has been my experience you don't get one unless you call.
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