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Author: Gina
Date: 09-22-03 10:31
I have aGE quote and a comparagle one from TIAACREF. THe GE quote is considerably less and so are its ratings. I am concerned about GE's viability and quality of service. TC is more highly rated by the financial indicators; is it also more consumer friendly and focussed???? IS the diffence worth it??
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Author: Tony Dillard
Date: 09-24-03 09:39
Gina,
I believe the best way to compare policies is by performing a side by side comparison of each product using sample policies from the state in which you are selling. Don't completely rely on a company that compares policies for a fee. I have found that they are not state specific and their rates do not always match the rates from the company's software.
If you would like, I will send to you a comparison I have completed from a few major players in the industry. You may use it as a template for your own comparison purposes.
By performing your own comparison, you will be able to define differences in such benefits as a restricted or non-restricted survivorship benefit, stand by assistance vs. hands on assistance, waiver of premium etc...
When I compared the Federal LTCI plan, I came across two items that I have not ever seen in a LTCI policy. I was floored!
Let me know if you I can help.
Tony
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Author: Rick Sapp
Date: 10-23-03 17:40
I would love to have your comparison template. I am fairly new to LTC and would like to decide who I would like to represent. Any help would be greatly appreciated.
Thanks,
Rick
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Author: Tony Dillard
Date: 10-24-03 14:05
Rick,
I responded to your e-mail and have sent the excel comparison for you to peruse. If you want to print it, be sure to select print entire workbook.
My Best,
Tony
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Author: Aileen Woroboff
Date: 11-16-03 18:02
Please send a copy of the template. In CA, is there any advice? Do you need to sign up before 80?
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Author: Russell Gartz
Date: 11-17-03 20:50
Tony,
Any copies of your comparison left. Thanks
RG
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Author: Dennis Germenis
Date: 11-21-03 23:59
There are many differences between LTC companies and the policies. GE must be doing something right. They're the largest provider of LTC insurance in the world.
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Author: Arthur Rudnick
Date: 11-22-03 11:06
There are a few reasons why GE is the largest LTC company:
1) The best at marketing their product
2) The purchase of the number 5 company (Travelers) in 1999.
3) The largest group of captive agents in the world.
4) Name recognition
5) Generally liberal underwriting
Yes, they have a wonderful product, but so do a number of other companies. Product alone is not the reason they're number 1.
Arthur
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Author: Klaas DeWit
Date: 11-22-03 14:50
Arthur,
GE has liberal underwriting....?????
I absolutely beg to differ. Very strict, I actually do not know of a company of hand that has stricter rules.
Klaas
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Author: Dennis Germenis
Date: 11-24-03 11:54
Arthur,
I agree with you on all points, except for one. I hear the GE underwriting guidelines are one of the toughest in the business. Why do you think they have liberal guides?
Dennis
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Author: Arthur Rudnick
Date: 11-24-03 15:54
Boy........
Did I get beat up, but I'm sticking with my statement.
On a number of medical conditions I find GE more liberal than most. I believe that's because most GE agents are captive and don't have the ability to sell other products. Therefore, the company tries to make it easier for those agents to take an app.
Keep in mind that the companies selling LTCI in NY are different than ones in other states. Yes, we have Penn-Treaty, but only Preferred, Premier & Select are available. NY does not offer Standard or Secured Risk. So, Penn-Treaty is not really a player here.
Here's what I base my conviction on:
Just last week, I had someone with Hepatitis 'C'. GE is the only company that will consider that.
A couple of weeks ago I had someone with a bad back who was taking pain medication injections, GE was the only one to consider.
GE is by far the most liberal for someone on Prednisone. They'll take someone with up to 20 mg. per day. No one else comes close.
They will consider someone with Rheumatoid Arthritis on Gold injections. No one else in NY will do that.
They will consider someone with bladder cancer, with no waiting period. No one else will do that.
They are the most liberal for someone with Emphesema. They'll look at "Moderate to Severe" conditions.
For prostate cancer, they are one of the few to consider if someone (over the age of 75)
is taking Lupron injections.
Thyroid cancer, GE is 12 months, everyone else is at least 24 months.
Defibrillator? GE is a 6 month wait, most companies will not insure at all and the ones that will, want a 12 month wait.
OK, they won't take a stroke victim, but a lot of companies will not consider that either.
Just giving you my take on their underwriting, and I stand by my guns.
Arthur
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Author: Alan
Date: 03-13-04 11:43
The place where I work is offering a group policy through this company. Is this a viable company?
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Author: Arthur Rudnick
Date: 03-14-04 14:18
Alan,
Unum/Provident is a major player in LTCI. They are rated A- (Excellent) by AMBest.
Keep in mind that Group policies are sometimes more expensive than an individual policy from the same company and Group policies usually do not offer as many benefit options as indivdual policies do.
If you're healthy and/or married, your Group may not offer Preferred Health and/or Spousal Discounts, which are available with an individual policy from Unum/Provident.
If you're ready to purchase LTC insurance, it would be better for you to sit with a broker and review a number of different policies from various companies in order to be sure what your Group is offering, is the best option for you.
Arthur
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Author: Anne
Date: 05-20-04 23:43
My husband is retired military and we have looked at federal program and found it expensive. Could you tell me what 2 things about the policy you found? Were they positives or negative? Thank you.
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Author: Arthur Rudnick
Date: 05-21-04 12:33
Anne;
There are negatives & positives with every long term care policy out there. Overall, most policies from the major carriers are excellent, including the one from Metlife/Hancock.
If you and your husnand are in generally good health, there are a number of policies that will cost less than the federal plan.
You need to meet with an independent broker who represents a number of carriers. That broker should be able to give you a comparison of the federal program vs other companies. You need to compare benefits and premiums.
Arthur
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Author: Josh Fink
Date: 05-21-04 21:24
Anne,
I would have to agree with Arthur on this one. You can find a better plan with some else than the federal plan. I talked with a gent who thought the fed plan was the greatest because it was federal. He couldnt seem to understand it was underwritten by Metlife not the feds. There are better plans with more options and better premiums out there good luck. Josh Fink
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Author: steve
Date: 11-13-04 09:05
compared to GE how is the underwriting for UnumProvident?
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Author: Arthur Rudnick, LTCP
Date: 11-13-04 10:09
Steve;
GE is overall much more liberal in their underwriting than Unum/Provident.
Arthur
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Author: Kathleen
Date: 11-14-04 22:33
Hi, I'm in the same boat she is. I've studied the Federal Policy and read a lot on the web about the pitfalls of different companies who won't pay up or go out of business when you need the money. So now I'm nervous about this decision. I also find the Fed Policy restrictive and expensive.
Could you name a few of those companies you think are better so I could look them up?
Also, I'd also like to know what the two things are that the first fellow was so surprised by on the Fed policy.
Thanks for any help you can give.
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Author: Tony
Date: 11-26-04 18:34
Dear Tony,
I am a collegiate student at the State Univesity of Stony Brook. I am actually enrolled in the Health Care Management Program in University Hospital so it is a little wierd to be asking you random questions regarding my parents interest in LTCI. I have learned alot about laws and regulations concerning Health Insurance and the guidelines to which the Insurance Company must abide by all rules of Hippa. My parents met with a GE LTCI agent and it appeared that all the forms were geared at "selling" a product from a sales representative perspective rather then a "health assistance" product sold from someone who really cares. Also when reviewing the material it appeared that none of the forms really explained what was covered. The forms were unclear and supplied percentages and ratios which were difficult to read. And finally the agreement form which has to be signed hasn't beeen revised since January 2001. I thougth that was really odd, considering all the HIPPA stipulations whiich must be associted with any type of Health Care.
I suppose my primary question to you would be, IS GE LTCI a reliable source of insurance? I've told my parents to hold off signing any agreements while I do my own research on this matter. Any help from you would be greatly appreciated. THanks again for your help and hope yo uhad a Happy Thanksgiving and enjoy your weekend.
Sincerely,
Tony T.
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Author: Mike Riley
Date: 01-08-05 10:45
Tony Dillard,
I would appreciate your Excel file for comparison, if it's still available. I just started investigating LTC so it would be most helpful. Thanks.
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Author: Jenna Brooks
Date: 01-08-05 13:58
Articles and Resources about Health Insurance
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Author: Kevin Lynch, CSA, CLTC, CASL
Date: 01-28-05 23:02
Tony,
Back in November you advised your parents to hold off on buying a LTCi policy, while you did research.
Hopefully neither of your parents developed a need for long term care while they followed your advice.
Being a student in Health Care Management hardly qualifies you to do research in Long Term Care or Long Term Care Insurance.
While you spend your time "researching" GE Long Term Care (Genworth) they maintain their position as the largest LTCi company in the US. They continue paying claims. They continue offering one of the strongest policies available in the market place. I would be interested in learning how you conducted your research.
You are also apparently uninformed on how insurance is sold. Of course the sales materials would appear "geared to selling a product." What else would you expect? The HIIPA forms to which you referred are regulated. I can assure you that professional LTCi Agents are using the correct HIIPA Forms...regardless of what year you see on them. The carriers provide the necessary forms and ubderwriting does not take place without the correct forms being submitted.
Do yourself...and especially your parents...a big favor. Concentrate on completing your studies and leave research on insurance to licensed professionals.
Kevin M. Lynch, CSA, CLTC, CASL
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Author: Ginny
Date: 02-24-05 23:03
Does anyone know about MedAmerica's Simplicity plan? Thanks, Ginny
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Author: Arthur Rudnick
Date: 02-25-05 10:16
Ginny;
Personally, I believe that Simplicity is "Simply" the best product on the market. It's a cash benefit indemnity policy that allows for informal caregivers, including spouses. It offers unrestricted, world-wide coverage and pays the monthly benefit BEFORE services are provided.
If there's one downside, it's the premium, which although is lower than MetLife's Premier and Pru's, it is substantially higher than reimbursement policies.
Arthur
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Author: Bob Jaworski
Date: 03-03-05 17:39
Would be pleased to have you share your Long Term Care template with me.
Thanks, I appreciate it.
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Author: KRISTA SIBLEY
Date: 03-18-05 03:39
Actually Banker's Life & Casualty has 950,000 policies to GE's 400,000.
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Author: Jack Agent
Date: 03-18-05 10:44
"Actually Banker's Life & Casualty has 950,000 policies to GE's 400,000."
As the old saying goes, it's not the quantity that counts - it's the quality.
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