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The Perils of Small LTC Insurance Companies

We commonly help clients compare multiple long-term care insurance companies' offerings.  Clients will occasionally bring a company to the table that does not do a lot of long-term care insurance business.  I always tell the client that the size of a company's LTC business is very important.  Smaller companies simply have a bad track record.

Today, MarketWatch has an article about Conseco moving a large block of LTC business to a trust.  A PR piece disguised as news, it is still noteworthy in that Conseco is taking huge losses from business purchased years ago from, guess what, a small LTCI carrier, American Travelers and Transport Life.

What could happen is that faithful and honest policholders who purchased the LTCI dream American Travelers and Transport Life was selling are going to be stuck with a policy that has continual rate increases.  

 

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External Links

Make sure the long term care insurance company offering your policy on financially solid ground, when it comes time to pay your claim.

AM Best 

Moody's Investors Services

Standard & Poor's Insurance Ratings Service

 

Federal Employee comparing long term care insurance at LTCFed? 

Research an insurance company in your state , at the Insurance Information Institute.

Review the pros and cons of women purchasing long term care insurance, at the National Center on Women and Aging.

State Health Insurance Assistance Program(SHIP) is a free service that advises seniors and baby-boomers about life and health insurance questions. SHIP advisers can assist you in deciding if long-term care insurance might be a good fit for you. SHIP can also review the actual long term care insurance contract that you considering buying.

United Seniors Health Council helps people research consumer health and health insurance questions. The council publishes a really in-depth newsletter and sells books on the topics of long-term care and long term care insurance.