Conseco dropping a block of their LTC policies into a trust-Article in WSJ

[ca-ltc-agent]

Hi All,

Good article on an ugly situation with Conseco. If the premium is too cheap, there is probably a reason why.

Good Luck,
Steve

1st paragraph from Wall Street Journal article...

"A major insurer has dumped a chunk of its long-term-care policies into an independent trust, putting tens of thousands of policyholders at risk of reduced benefits or big premium increases."

I think they mention more than 140,000 Conseco Senior Health Insurance Co. policy holders affected.

Read full article at following...

*****online.wsj.com/article/SB122826822305174269.html****

SORRY...
well, no url posts for me go to Google news and search for ltc or conseco, that should get you there.

If someone with more than 15 posts has the time, please post the url to make it easier.

 

[Mark]

online.wsj.com/article/SB122826822305174269.html
You can copy and paste this

 

[JMO Fan]

Notice that Conseco's stock price rose as soon as the trust was approved. Implies investors don't believe the trust was given too much money. If there are any semi-healthy folks in the trust, they should probably try to buy LTC elsewhere.

 

[ABC]

I live in the city where Conseco has its corp. headquarters.

There name is so tainted here that they can not sell any products in their home state.

 

[Mr_Ed]

I believe that the PA Insurance Commissioner concluded that it was in the best interest of the Conseco LTCi policyholders (and the PA taxpayers) for PA to set up this trust, with the goal of more effectively serving the current and future claimants.

PA DOI is facing a very difficult situation with a different insurer that might need to go into conservatorship next month.

I think the PA DOI's conclusion regarding the Conseco policies, is that a well-managed trust now is better than trying to mop up a big mess through conservatorship later.

As with any insurance purchase, it's very important to check the financial ratings of the LTC insurers you are considering.

Scott

 

[Russ]

I use to write for Conseco Senior Health...formerly American Travellers. I have a few LTC policies with them. I received notice by mail that the trust was taking over and paying commissions monthly vs. the weekly pay Conseco had.

I had someone years ago that had a LTC or HHC claim with them. It takes an act of Congress to get them to pay.

I don't like writing LTC anymore...just too involved....too many riders, etc.