long term care insurance

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Anonymous said:
Anybody else get a letter from John Hancock Insurance recently? Looks like BMS is discontuing this as a benefit. What will be next?
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Only a few companies offer this type of insurance any longer. Maybe two companies do. You need to self insure. Stop spending all you make and increase your net worth. The alternative is to let the government take care of you.
 








Anonymous said:
Only a few companies offer this type of insurance any longer. Maybe two companies do. You need to self insure. Stop spending all you make and increase your net worth. The alternative is to let the government take care of you.
Click to expand...

Have you tried to buy it on your own? Count on $500 - $600 per month! I hope your kids are independently wealthy because they will be the ones who withhold meds to bring on your early demise.
 








Anonymous said:
Can you be more specific? What were you paying and what are you paying now? Thanks.
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Another poster:
It will depend on your age and the age of your spouse. My age 61 and spouse is 56. I was paying $243 per month for both for about 5 years when it was available from BMS.

We were told to buy early and the premiums would never go up, and with the inflation guard incorporated in the policy, the benefit would increase yearly. Except for the fact that the benefit does increase yearly, this was total bullshit.

About 6 months ago they said they would have to raise prices because their costs have risen dramatically----how is this my fault? They did give you a choice of paying the same but for LESS COVERAGE. I am stuck because you can't recoup your investment if you drop out.

I am now paying $429 per month for myself and wife ---- a 43% increase in the premiums.

Another BMS program to help the employee. Don't ever believe anything BMS or HR says to you.
 




Anonymous said:
Another poster:
It will depend on your age and the age of your spouse. My age 61 and spouse is 56. I was paying $243 per month for both for about 5 years when it was available from BMS.

We were told to buy early and the premiums would never go up, and with the inflation guard incorporated in the policy, the benefit would increase yearly. Except for the fact that the benefit does increase yearly, this was total bullshit.

About 6 months ago they said they would have to raise prices because their costs have risen dramatically----how is this my fault? They did give you a choice of paying the same but for LESS COVERAGE. I am stuck because you can't recoup your investment if you drop out.

I am now paying $429 per month for myself and wife ---- a 43% increase in the premiums.

Another BMS program to help the employee. Don't ever believe anything BMS or HR says to you.
Click to expand...

John Hancock screwed us, BMS still can't be trusted on anything they promise.
 




Anonymous said:
Another poster:
It will depend on your age and the age of your spouse. My age 61 and spouse is 56. I was paying $243 per month for both for about 5 years when it was available from BMS.

We were told to buy early and the premiums would never go up, and with the inflation guard incorporated in the policy, the benefit would increase yearly. Except for the fact that the benefit does increase yearly, this was total bullshit.

About 6 months ago they said they would have to raise prices because their costs have risen dramatically----how is this my fault? They did give you a choice of paying the same but for LESS COVERAGE. I am stuck because you can't recoup your investment if you drop out.

I am now paying $429 per month for myself and wife ---- a 43% increase in the premiums.

Another BMS program to help the employee. Don't ever believe anything BMS or HR says to you.
Click to expand...

I know the rate increase stinks but I don't believe that BMS promised no rate increase as they would have no authority to do this. Insurance companies have rate increases when an entire class experiences significant cost increases and they must raise it for everyone in that class. You should have read the print upon signing up. Long term care coverage is skyrocketing everywhere.
 




Anonymous said:
Only a few companies offer this type of insurance any longer. Maybe two companies do. You need to self insure. Stop spending all you make and increase your net worth. The alternative is to let the government take care of you.
Click to expand...


There are over 20 insurance companies that offer some type of long-term care insurance coverage, including some of the largest and some of the highest rated insurers in the country:

State Farm, Mass Mutual, Northwestern Mutual, New York Life, Pacific Life, Mutual of Omaha, Transamerica, Lincoln Financial, Physicians Mutual, United of Omaha, John Hancock, just to name a few.
 




Anonymous said:
Another poster:
It will depend on your age and the age of your spouse. My age 61 and spouse is 56. I was paying $243 per month for both for about 5 years when it was available from BMS.

We were told to buy early and the premiums would never go up, and with the inflation guard incorporated in the policy, the benefit would increase yearly. Except for the fact that the benefit does increase yearly, this was total bullshit.

About 6 months ago they said they would have to raise prices because their costs have risen dramatically----how is this my fault? They did give you a choice of paying the same but for LESS COVERAGE. I am stuck because you can't recoup your investment if you drop out.

I am now paying $429 per month for myself and wife ---- a 43% increase in the premiums.

Another BMS program to help the employee. Don't ever believe anything BMS or HR says to you.
Click to expand...

Holy Cow! That seems like a big jump. I am 54 and my premium went up 35% from $37 to $50 per month.
 




Anonymous said:
I know the rate increase stinks but I don't believe that BMS promised no rate increase as they would have no authority to do this. Insurance companies have rate increases when an entire class experiences significant cost increases and they must raise it for everyone in that class. You should have read the print upon signing up. Long term care coverage is skyrocketing everywhere.
Click to expand...

It was sold at the time that rates would stay the same (both by management and a phone in presentation). Now BMS is not affiliated with John Hancock -- that tells you something. You're right I should have read the side effects and contraindication section because the rep from John Hancock didn't.
 




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