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Old 03-07-2020, 03:15 PM   #101
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REWahoo, who is the carrier? The crash in rates is not helping LTC writers and you want to make sure you do not have a looming solvency issue.
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Old 03-07-2020, 03:20 PM   #102
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The policy was originally purchased from CNA but is now owned by Jackson National Life out of St Paul. Should I be concerned?
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Old 03-07-2020, 03:41 PM   #103
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Should be ok with Jackson.
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Old 03-07-2020, 03:43 PM   #104
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Should be ok with Jackson.
Thanks for the info!
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Old 03-07-2020, 09:52 PM   #105
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Quote:
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Should be ok with Jackson.
+1 JNL is owned by Prudential plc... solid company IME (and former client).

But do you mean Jackson National Life Insurance Comany in Lansing, MI and not St. Paul?
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Old 03-07-2020, 10:32 PM   #106
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But do you mean Jackson National Life Insurance Comany in Lansing, MI...?
^ This. Additional review of the fine print shows the executive offices are in Lansing and the service offices are in St Paul.
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Old 03-08-2020, 08:49 AM   #107
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Ok, that makes sense now.
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Old 03-08-2020, 09:33 AM   #108
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Honestly $1,870 annually seems cheap to me.
its incredibly cheap
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Old 03-08-2020, 05:05 PM   #109
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Honestly $1,870 annually seems cheap to me.
+1.
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Old 03-08-2020, 05:57 PM   #110
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The bigger issue that I have with a lot of these LTC policies is collecting on a claim.

As Jim Cramer wrote on an article on his Dad:
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My mom died in 1985, but he still loved her and never remarried. He talked lovingly about her the night he died and wished she had been there. He thought she was an angel, which, of course, she was. But he took his independence seriously and lived alone in Society Hill Towers in Philadelphia for almost 30 years. He bought that long-term care insurance so he could be independent.

When he had a stroke three years ago and needed round-the-clock help, we had to fight those sons of bitches who wrote the policies to get the money they owed him to pay the nurse. I hate those guys because they tried to beat their obligations. We wouldn't let them get away with it, but don't tell Pop, because getting them to keep their word cost us almost as much as what the reimbursement was worth. I won't mention the company's name, but it was a disgrace, and if you have that insurance or your loved ones do, be prepared for them to try to screw you. I hope they won't. But many will try. I know that now.
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Old 05-06-2020, 09:06 PM   #111
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I posted the following recently on another thread which asked if the Covid-19 situation had changed anyone's thinking regarding LTCI. I'm quoting it here to maintain the continuity of this old thread as it summarizes what option I chose and why:

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DW and I have LTCI policies and the annual premiums are due on the 10th. We were notified in January of yet another rate increase, this time 64%. This is the third increase in premiums in the last seven years, resulting in rates 220% above where they started.

Since the rates were very reasonable when we took out the policies 20+ years ago, I had initially decided to hold my nose and pay up. But the Covid-19 situation has caused me to re-think my decision and go another route. We have the option of removing the automatic 5% benefit increase rider (compounded annually) from the policy, thus freezing the benefit amount at the current level. This will drop the premium by a substantial 70%, back to an amount close to what we were originally paying. I'm going to take this option.

My rationale for doing so goes beyond the obvious fact I'm cheap frugal. Being pessimistic, I could say Covid-19 will make it unlikely any of us would survive for an extended period in a LTC facility. Why pay ever increasing rates for something that is even less likely to be of benefit than BCV (before coronavirus)?

While that may be the case for now, no one knows how long the threat of the disease in LTC facilities will continue. However, even if a vaccine shows up in the near future and things go back to normal, the decision to modify our policies to remove the inflation rider is still my preference. DW and I have reached our early 70's with a sufficient conservatively invested nest egg that we should be able to self-insure for our LTC needs, especially with the benefits from the LTCI policy we will retain.

I just cut our expenses by $200/mo.
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