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Which LTC carrier would you go with if your clients primary interest is to use it for home health care?
Home Health Care Friendly LTC
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this should be interesting.
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Penn Treaty!
- 657
Easy. Genworth. Read the contracts.
Easy. Genworth. Read the contracts.
Why not Prudential with 150% HHC and 40% cash alternative? Why not Medamerica Simplicity for full cash? Why not United/Mutual of Omaha with 35-40-50% cash alternative? etc....
Or do you base your decision totally on the wonderful HHC language in a GNW policy for informal home care and hope it is in the plan of care? Genworth still does not pay a nickle for care by family members, other than training.
Guess it depends on what the client is looking for in a HHC policy. GNW rates are obviously good in most cases.
Interested of course in comments by others.
- 657
Rates. Exactly. all those other plans you mention are great plans from great companies, but when it gets down to cost of insurance, Genworth seems to always come out ahead. Those extras are great, and definatley would pay under more conditions, but at more premium cost. Just my opinion. I am appointed with all the companies you mention, but sell very few because of cost.
Last edited:
Arthur Rudnick
Guru
- 1,652
The original question was:
"Which LTC carrier would you go with if your clients primary interest is to use it for home health care?"
The question did not ask about rates.
Pru, Genworth, Mutual are all fine companies.
Pru, at 150% of what? 150% of a nursing home benefit.
35%-40% Cash Alternative? Alternative to what? A nursing home benefit.
The question was about the best policy for home health care.
For me, it's a no-brainer. There's only one answer.......... MedAmerica, Simplicity. 100% cash-benefit.
Covered for $6,000/month? Here's your $6,000 check, (on the 1st of the month, before care is provided) do with it what you want. No questions, no need to send in bills or receipts, use the cash to pay for anyone to care for you: A friend a neighbor, a spouse, or even the paperboy.
Hands down, it's the most flexible policy for home care on the planet.
BUT.............. That's just my opinion.
Herman, I'm proud of you. I know I'm going to get blasted for this but, regarding Genworth and their "wonderful HHC language in a GNW policy for informal home care...."
Genworth agents love to tell prospects how "informal care givers are allowed with a Genworth policy."
I would love for someone (ANYONE) to please open up a Genworth policy and let me know exactly what page and paragraph it explicity states that informal caregivers will be paid for? I'm not talking about someone to come in and perform chore services. I'm not sure if paying someone to come in to take out the garbage is an integral part of a LTC policy.
I'm tired of hearing from prospects who spoke with a Genworth agent and was told that "Genworth will pay ANYONE to provide my care".
This conversation goes back to the days of GE, it's old and, it's a misrepresentation of the contract.
At the end of the day, when claim time arrives, it's the contract that dictates the terms, not the agent.
Sorry, just had to vent a little.
"Which LTC carrier would you go with if your clients primary interest is to use it for home health care?"
The question did not ask about rates.
Pru, Genworth, Mutual are all fine companies.
Pru, at 150% of what? 150% of a nursing home benefit.
35%-40% Cash Alternative? Alternative to what? A nursing home benefit.
The question was about the best policy for home health care.
For me, it's a no-brainer. There's only one answer.......... MedAmerica, Simplicity. 100% cash-benefit.
Covered for $6,000/month? Here's your $6,000 check, (on the 1st of the month, before care is provided) do with it what you want. No questions, no need to send in bills or receipts, use the cash to pay for anyone to care for you: A friend a neighbor, a spouse, or even the paperboy.
Hands down, it's the most flexible policy for home care on the planet.
BUT.............. That's just my opinion.
Herman, I'm proud of you. I know I'm going to get blasted for this but, regarding Genworth and their "wonderful HHC language in a GNW policy for informal home care...."
Genworth agents love to tell prospects how "informal care givers are allowed with a Genworth policy."
I would love for someone (ANYONE) to please open up a Genworth policy and let me know exactly what page and paragraph it explicity states that informal caregivers will be paid for? I'm not talking about someone to come in and perform chore services. I'm not sure if paying someone to come in to take out the garbage is an integral part of a LTC policy.
I'm tired of hearing from prospects who spoke with a Genworth agent and was told that "Genworth will pay ANYONE to provide my care".
This conversation goes back to the days of GE, it's old and, it's a misrepresentation of the contract.
At the end of the day, when claim time arrives, it's the contract that dictates the terms, not the agent.
Sorry, just had to vent a little.
- 657
Art,
Jut so you know, I have never said to anyone "Genworth will pay ANYONE to provide my care".
That would be very stupid to do.
How would you define informal caregiver? curious?
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And I believe rates are always to be considered. That is part of the question by default, unless the poster had added "regardless of the cost". I've only had one prospect in 11 years ask me for the best policy money could by regardless of the cost. He and his wife were both uninsurable, and his dad had been in the nursing home for 23 years.
Jut so you know, I have never said to anyone "Genworth will pay ANYONE to provide my care".
That would be very stupid to do.
How would you define informal caregiver? curious?
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And I believe rates are always to be considered. That is part of the question by default, unless the poster had added "regardless of the cost". I've only had one prospect in 11 years ask me for the best policy money could by regardless of the cost. He and his wife were both uninsurable, and his dad had been in the nursing home for 23 years.
Last edited:
Arthur Rudnick
Guru
- 1,652
"Art,
Just so you know, I have never said to anyone "Genworth will pay ANYONE to provide my care".
Bill,
I'm sure you don't and I certainly was not referring to you. But I'm doing this for 16 years and I'd like a dollar for everytime I've heard those words from a prospect.
The most common type of home care is provided by a home health aide, who in most cases, must be licensed. They are there to provide help with someone's ADLs.
An informal caregiver can be, but does not have to be licensed or certified. It can be anyone, including a spouse, a friend, a family member or someone living in the policyholder's own home.
Most people on claim need someone to be there if help & assistance is needed. Bathing & mobility are the first 2 ADLs to go and in reality, a person doesn't have to go to school and get a license to learn how to help someone take a bath, cook for them or assist them in walking.
So, I guess the word "informal" refers to anyone of the policyholder's own choice to help provide care, whether they have training or not.
And, regarding rates: Understand that I don't work for MedAmerica and I'm not trying to push their product, but for people in their 50's, in good health, you would be surprised at how competetive they are. In many cases, you'll find they are less expensive than many other top carriers who offer reimbursement policies.
And, getting back to the original question about the best option for home care' Simplicity also has a home care only policy, which is about 20% less than their comprehensive policy.
Again, I have no vested interest in MedAmerica other than I believe strongly in a 100% cash-benefit policy and as far as I know, (at least in NY, NJ & CT) they're the only game in town.
Just so you know, I have never said to anyone "Genworth will pay ANYONE to provide my care".
Bill,
I'm sure you don't and I certainly was not referring to you. But I'm doing this for 16 years and I'd like a dollar for everytime I've heard those words from a prospect.
The most common type of home care is provided by a home health aide, who in most cases, must be licensed. They are there to provide help with someone's ADLs.
An informal caregiver can be, but does not have to be licensed or certified. It can be anyone, including a spouse, a friend, a family member or someone living in the policyholder's own home.
Most people on claim need someone to be there if help & assistance is needed. Bathing & mobility are the first 2 ADLs to go and in reality, a person doesn't have to go to school and get a license to learn how to help someone take a bath, cook for them or assist them in walking.
So, I guess the word "informal" refers to anyone of the policyholder's own choice to help provide care, whether they have training or not.
And, regarding rates: Understand that I don't work for MedAmerica and I'm not trying to push their product, but for people in their 50's, in good health, you would be surprised at how competetive they are. In many cases, you'll find they are less expensive than many other top carriers who offer reimbursement policies.
And, getting back to the original question about the best option for home care' Simplicity also has a home care only policy, which is about 20% less than their comprehensive policy.
Again, I have no vested interest in MedAmerica other than I believe strongly in a 100% cash-benefit policy and as far as I know, (at least in NY, NJ & CT) they're the only game in town.
- 657
Arthur,
I really think you are a closet investor in MedAmerica.
Bill
I really think you are a closet investor in MedAmerica.
Bill
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