International Coverage

[Mr_Ed]

I check with AM Best and Med Am has only B++ rating. Is it going to be around after 20+ years when I need LTC?

I heard horrible things about others that went under like AIG. My husband think that even with 80% international benefit the FLTCIP is a safer choice. The Fed Gov would still be around then.

The FLTCIP is not underwritten by the federal government. It is underwritten by John Hancock Life Ins. Co.

 

[yankee466]

I check with AM Best and Med Am has only B++ rating. Is it going to be around after 20+ years when I need LTC?

I heard horrible things about others that went under like AIG. My husband think that even with 80% international benefit the FLTCIP is a safer choice. The Fed Gov would still be around then.

None of my American General life insurance clients were impacted when the parent company AIG declared bankruptcy...to Mr Ed's point about reserve funds. As I recall, AIG was rated either A+ or A++ when they declared bankruptcy....so, maybe financial rankings are not always everything.

 

[ltcadviser]

originally posted by Peach



MedAmerica is owned by Excellus, Blue Cross & Blue Shield which has an A- rating (Excellent)

LTC companies don't "go under". If they experience financial difficulties, they usually sell their business to another carrier. And, where is the written guarantee that that in 20 years John Hancock or any other company will still be around?

You better check on the international coverage with Hancock.

I believe it pays 80% of covered benefits for only 365 days.

Incorrect Arthur. 80% for entire benefit period.
Personally, I would most likely buy the FLTCIP at its pricing.

 

[Arthur Rudnick]

I stand corrected Jack............

International benefits
Because this program was designed exclusively for the Federal Family, it features international benefits that provide coverage for enrollees who live or may require care outside the United States. When you receive such services, the FLTCIP pays benefits up to 80% of the benefit amounts shown on your Schedule of Benefits. If your Schedule of Benefits shows that you have a 2, 3, or 5 year benefit period, 80% of your maximum lifetime benefit (MLB) can be used for covered services you receive outside the United States; the remaining 20%
will be available for covered services you receive in the United States. If your Schedule of Benefits shows that you have an unlimited MLB, benefits payable for any covered services you receive outside the United States will be limited to 10 years. For such services, your MLB will be equal to 3,650 days (10 years) x 80% of your daily benefit amount. Your MLB for covered services you receive in the United States will remain unlimited.