Hanoock's New Product- So Innovative, They Will Patent It

[yankee466]

Anyone care to run a thread about just how wonderful their new inflation option is? "So innovative, they will patent it"

Seems like GPO plus "don't bet on it" to me....but obviously I am missing something. Partnership YES/NO?

 

[Mr_Ed]

Anyone care to run a thread about just how wonderful their new inflation option is? "So innovative, they will patent it"

Seems like GPO plus "don't bet on it" to me....but obviously I am missing something. Partnership YES/NO?

it's not partnership qualified.

 

[Arthur Rudnick]

Over the years, Hancock has in fact been very innovative on their inflation options.

CPI was an innovation, but a bad one. Over the past 3 years, the CPI has increased an average of 2%, however, the medical index for LTC services has been running at 5%. So, with the selection of a CPI option, a policyholder's benefits have not kept up with the cost of care.

But, it's less expnsive than 5% compound. (A $50/day benefit is also less expensive than a $200/day benefit, but that does not make it a good policy)

Years ago they came up with another "innovative" option. Forgot what it was called but the daily benefit increased each year, but the pool of money remained the same. So, if upon purchase someone bought a 5-year benefit period, the daily benefit increased but over time, the 5 year benefit decreased.

But, it was less expensive than a 5% compound.

Hancock seems to have a knack for innovation. Another innovation is to price their products 30%, 50% or 75% higher than their competition, for a policy not as good.

And, the final innovation is to take a company that was #2 in the industry and force it to become #20.

I'm not sure that they have to patent their newest innovation. No other company will ever copy it.

 

[Mr_Ed]

Over the years, Hancock has in fact been very innovative on their inflation options.

CPI was an innovation, but a bad one. Over the past 3 years, the CPI has increased an average of 2%, however, the medical index for LTC services has been running at 5%. So, with the selection of a CPI option, a policyholder's benefits have not kept up with the cost of care.

But, it's less expnsive than 5% compound. (A $50/day benefit is also less expensive than a $200/day benefit, but that does not make it a good policy)

Years ago they came up with another "innovative" option. Forgot what it was called but the daily benefit increased each year, but the pool of money remained the same. So, if upon purchase someone bought a 5-year benefit period, the daily benefit increased but over time, the 5 year benefit decreased.

But, it was less expensive than a 5% compound.

Hancock seems to have a knack for innovation. Another innovation is to price their products 30%, 50% or 75% higher than their competition, for a policy not as good.

And, the final innovation is to take a company that was #2 in the industry and force it to become #20.

I'm not sure that they have to patent their newest innovation. No other company will ever copy it.

if they've priced it correctly, it will sell.

 

[yankee466]

if they've priced it correctly, it will sell.

It could just be the low cost GPO plan for 40-50 year olds that have no need for a partnership eligible discussion. Hancock has been competitive on GPO in the past at times.

 

[Mr_Ed]

It could just be the low cost GPO plan for 40-50 year olds that have no need for a partnership eligible discussion. Hancock has been competitive on GPO in the past at times.

the benefit builder does not offer a "gpo".

the cc3 has 5C, CPI and GPO.

the benefit builder is completely different.

 

[2insureyou]

Over the years, Hancock has in fact been very innovative on their inflation options.

CPI was an innovation, but a bad one. Over the past 3 years, the CPI has increased an average of 2%, however, the medical index for LTC services has been running at 5%. So, with the selection of a CPI option, a policyholder's benefits have not kept up with the cost of care.

But, it's less expnsive than 5% compound. (A $50/day benefit is also less expensive than a $200/day benefit, but that does not make it a good policy)

Years ago they came up with another "innovative" option. Forgot what it was called but the daily benefit increased each year, but the pool of money remained the same. So, if upon purchase someone bought a 5-year benefit period, the daily benefit increased but over time, the 5 year benefit decreased.

But, it was less expensive than a 5% compound.

Hancock seems to have a knack for innovation. Another innovation is to price their products 30%, 50% or 75% higher than their competition, for a policy not as good.

And, the final innovation is to take a company that was #2 in the industry and force it to become #20.

I'm not sure that they have to patent their newest innovation. No other company will ever copy it.

Excellent analysis... spot on!

 

[Mr_Ed]

...the medical index for LTC services has been running at 5%.

BALONEY.

 

[Arthur Rudnick]

originally posted by Mr_Ed

BALONEY

On Rye, with a little mustard please. Oh, and some sour pickles with that.

Thanks

 

[Mr_Ed]

originally posted by Mr_Ed




On Rye, with a little mustard please. Oh, and some sour pickles with that.

Thanks

many of the recent cost of care surveys are showing the inflation rate for LTC expenses 0% to 2% in many states.