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Re: which company is best?

Posted by Susan on March 08, 19101 at 20:53:33:

In Reply to: which company is best? posted by Larry Magpantay on February 28, 19101 at 14:17:21:

Cal Pers is not a bad plan as long as the covered individual knows precisely what type of covereage is being purchased.

Most people buy Long Term Care insurance for two reasons:
1. Protect Assets
2. Maintain Choices in Long Term Care, particularly in allowing an individual to live at home as long as possible.

CalPers plan pays a MAXIMUM daily home care benefit of $65. Home care is MUCH more expensive that facility care. $65 a day probably won't even cover 8 hours of care.

A group plan may have open enrollment that could possibly encourage adverse selection. What that means that if I have some health concerns and can't qualify on for an individual policy with a highly rated company and I can get in on CalPer's plan, well you bet I will do that! This adverse selection may impact rate stability and claims paying abililty for all who expect to obtain LTC benefits under the CalPers plan.

CalPers wouldn't be my first choice.

Follow Ups:

Re: which company is best? : Cal Pers is not a bad plan as long as the covered individual knows precisely what type of covereage is being purchased. : Most people buy Long Term Care insurance for two reasons: : 1. Protect Assets : 2. Maintain Choices in Long Term Care, particularly in allowing an individual to live at home as long as possible. : CalPers plan pays a MAXIMUM daily home care benefit of $65. Home care is MUCH more expensive that facility care. $65 a day probably won't even cover 8 hours of care. : A group plan may have open enrollment that could possibly encourage adverse selection. What that means that if I have some health concerns and can't qualify on for an individual policy with a highly rated company and I can get in on CalPer's plan, well you bet I will do that! This adverse selection may impact rate stability and claims paying abililty for all who expect to obtain LTC benefits under the CalPers plan. : CalPers wouldn't be my first choice.

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