Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: Hancock + Met = ?

Posted by Thomas Herbert on February 18, 2002 at 18:21:57:

In Reply to: Hancock + Met = ? posted by Ratco Pal on February 17, 2002 at 20:25:17:

My sources tell me that there is a good chance there will be different types of underwriting done. Possibly "short form" for actively working people, however if you are retired then most likely "long-form underwriting" will be used or at least longer than for working people.

Second, it is very doubtful that they will let just anyone in, there will be some sort of risk limitations in place. It will still most likely be some variation of group coverage so don't expect any goodies that yo would find on an individual policy.

Third, when OPM first announced an LTC plan was in the works they said reates would be 20% less, then later they said maybe 10-15%, and now they aren't sure. It's only a month before they are supposed to allow early sign-up into this plan and they still haven't released benefits or pricing. Also, this contract for JH+Met is only good for 7 years and then OPM will re-evaluate and issue a new "request for proposal".

Bottom line: If you are young and healthy or reasonably healthy, you are going to be much better off with individual coverage from a quality company.

That my 2 cents

Thomas Herbert
Long-Term Care Specialist
therbert@elp.rr.com

Follow Ups:

Re: Hancock + Met = ? : My sources tell me that there is a good chance there will be different types of underwriting done. Possibly "short form" for actively working people, however if you are retired then most likely "long-form underwriting" will be used or at least longer than for working people. : Second, it is very doubtful that they will let just anyone in, there will be some sort of risk limitations in place. It will still most likely be some variation of group coverage so don't expect any goodies that yo would find on an individual policy. : Third, when OPM first announced an LTC plan was in the works they said reates would be 20% less, then later they said maybe 10-15%, and now they aren't sure. It's only a month before they are supposed to allow early sign-up into this plan and they still haven't released benefits or pricing. Also, this contract for JH+Met is only good for 7 years and then OPM will re-evaluate and issue a new "request for proposal". : Bottom line: If you are young and healthy or reasonably healthy, you are going to be much better off with individual coverage from a quality company. : That my 2 cents : Thomas Herbert : Long-Term Care Specialist : therbert@elp.rr.com

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Request your Free Insurance quote and you will receive our Guide to LTC Insurance. The Guide is filled with more information to help you learn even more and its FREE!

Texas license # 1270417