Home Health Care Friendly LTC

[Arthur Rudnick]

Bill,
I'm not an investor with MedAmerica,
HOWEVER................

I have sent the president of the company (my brother-in-law) a link to this website and he has agreed to pay me comp of 20% for every agent here that submits an app to them within the next 60 days.

Personally, I think that's a fair thing to do.

Have a good weekend everyone............

 

[billberry12]

Oh absolutely! Very fair. Nothing beats a good brother in law deal?

 

[retread]

Bill,
I'm not an investor with MedAmerica,
HOWEVER................

I have sent the president of the company (my brother-in-law) a link to this website and he has agreed to pay me comp of 20% for every agent here that submits an app to them within the next 60 days.

Personally, I think that's a fair thing to do.

Have a good weekend everyone............

Art... bite your tongue off!

You scoundrel, you!... Don't you know there are some on this forum that will believe this?

I do appreciate your input on the claims benefits of a supplemental policy vs a reimbursement policy. In most health insurance policies, this can bite you, but in the case of LTC I can see a big segment this will be ideal for.

It appears that, unlike medical costs, LTC costs if received in a HHC setting is not exhorbitantly expensive. You are right, it doesn't take much qualification to help someone to toilet, change clothes, eat, etc. Where this is best applied is if there is a spouse or close family member (usually daughter) that can do this. Having a cash benefit would help that family member out if they have to either quit work or take excessive time off. Medical insurance would pay for doctors and hospital costs....

What I see is a problem is widows or widowers advanced in age, specifically if there are no surviving children. How can you predict that children will be there except in the case where no children were born to the client?

Here is where I run into a similar quandry as selling term insurance to seniors: For them to outlive their term policy would be like if things deteriorate beyond that Supplemental LTC plan they have and they have to be admitted to a nursing home? What to do then?

I suppose that at some point, the cash supplement plan will not be enough unless a large benefit was specified. If that were done, I would expect the cost would approximate a reimbursement policy. Am I right?

I am just studying LTC in hopes of sales in this market. The contrast between MedAmerica and others is something to think about. Perhaps you can add a little more insight?

 

[billberry12]

Cash policies always cost more than reimbursment policies. So, with that in mind, I'm not real sure of some of your statements. Unless, you are referring to supplement cash in much lower amounts than reimbursemnt benefits, there shoudn't be a big change in benefits in a claimant having to go from home care to a nursing home.

Arthur, maybve you can clear this up. Be sure to bring your brother in law in on this conversation.
Bill

 

[retread]

Cash policies always cost more than reimbursment policies. So, with that in mind, I'm not real sure of some of your statements. Unless, you are referring to supplement cash in much lower amounts than reimbursemnt benefits, there shoudn't be a big change in benefits in a claimant having to go from home care to a nursing home.

Arthur, maybve you can clear this up. Be sure to bring your brother in law in on this conversation.
Bill

I can't imagine someone wanting $200/day to care for their spouse or family member... it is just not justified. I am thinking more like $50/day max. I would think this would be considerably less than a $200/day protection from nursing home care. Maybe I'm wrong.

 

[billberry12]

All things being equal, $50 is exactly 25% as much as $200 in premium, but if you think $50 will mean anything toward the cost of care, you need to do some more research.

If you can't imagine anyone getting a $200 a day benefit, you don't need to consider writing long term care insurance. You will do more harm than good by seriously underinsuring your clents. This will make them very happy with the premiums, but at claim time, everyone will be asking, "What were we thinking?"

I'm not trying to be a jerk, but I am trying to jerk some thinking out of you. What can $50 a day pay for in 2011, much less several years from now.

Just me 2 cents.
Bill
- - - - - - - - - - - - - - - - - -
I guess the reason this really sets me off is because these type thnigs happening to clients are the source of comments like:

.....Long Term Care insurance is no good,,it doesn't pay for much

.....My cousins mother in law had a policy, and it only paid $50 a day for one year, and her cost of care was $175.00 a day for 4 years. Long Term Care Insurance is just not worth buying..

......My aunt said you just don't need to buy that worthless Long Term Care Insuance..

Do you see my point????
- - - - - - - - - - - - - - - - - -
A Nursing Home is the low cost state of Mississippi is over $60,000 a year. $50 a day is only $18,000 a year. How is the client suppose to pay the remaining $42,000 a year?

Can you hear me now??
Bill

 

[LGilmore]

How are medamerica's ratings? What is their asset base like?

 

[yankee466]

How are medamerica's ratings? What is their asset base like?

You''ll have to keep in mind that the only way a LTC really gets to be A/A+/A++ rated is by selling primarily lots of life, annuity products, and/or other more stable/predictable financial vehicles. No one will ever get to be A+ by being a health or LTC carrier. You don't think Berkshire/Guardian was A++ because of their ill-fated attempt to sell LTC? Maybe State Farm's huge block of LTC business got them where they are today?

Since companies like Blue Cross/Anthem, Humana, Aetna, United Health Care, etc are health carriers, they tend to be in the B-/B+ classification. Does this mean they are about to fail? (No Obama Care comments please) Then again, no one seems to care if their health carrier will be in business 30 years from now either....so maybe we should be concerned?

Anyway, this is a round about way of saying Medamerica is classified as a health carrier (B+ last I looked) since they ONLY do LTC......so you'll have to decide what is important to you and/or the client when making a decision on LTC plans. Cash plan versus financial stability? hmmmmm

 

[Mr_Ed]

There are several companies that sell cash products or products with "cash alternative benefit options".

 

[LGilmore]

b+? By selling a LTC plan, aren't you selling something that may not be used for decades? Wouldn't financial stability be really important on a product that may not be used for 15-20 years?

I do think there is a REAL difference between health insurance and LTC, so I don't think your comparison is quite right. Health insurance is sold with the thought of immediate use, LTC isn't.

And while you complain about other carriers their ratings on other products, they also build their asset base to cover everything they sell. How is that really bad?