Arthur Rudnick
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- 1,652
Or.............
Hair transplants
John Hancock Long Term Care is a Scam!
- Thread starter tlmarketing
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- long term care
Or.............
Hair transplants
Arthur Rudnick
Guru
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he's better off with breast implants?????
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Hey moderator...this thread has gone weird on us....kill it please...it hurts....
I think John Hancock is unprofessional if not a complete scam. I have a LTC contract with through my employer for a long time, close to ten years. However when I retired at the end of last year, John Hancock hiked my premium by more than 50%! If I do not agree with their new premium, all my previous payments would be wasted as my policy will be terminated. I think they deliberately use premium hike to drive off customers and pack the accumulated premium for themselves as pure profit. This make their LTC look like a scam.
Arthur Rudnick
Guru
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You've obviously done much research to come up with that conclusion.
The next time you get a rate increase from your homeowners insurance, your health insurance or your auto insurance, keep in mind that those insurance companies are also part of the same scam.
And, most certainly the Department of Insurance in your state must also be involved as well.
you have the right to decrease your benefits and keep your premium the same.
you have probably been given the option to decrease your inflation benefit from 5% to 3.9%. the 5% compounded growth you've received over the past 10 years will remain the same. your policy will grow by 3.9% from here on. and your premium will not go up.
call the customer service number on your policy and tell them you want to do that.
To keep the premium the same, I will have to drop coverage from 5 year to 2 year or per day coverage from $160 to $105. A huge decrease of coverage!
G
Guest
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This is a somewhat flawed analogy.
With P&C coverage, when the rates go up the vast majority of people in their 60s and 70s have alternatives. (When AAA raised my HO to $1000 I found an agent who was able to write me with Travelers... same policy, half the premium.)
Even with health insurance there are alternatives (i.e. PCIP) and in a couple of years there will be more alternatives.
With LTC where is someone to go? The answer is they pay the increased premium or walk away losing their "investment" or they take a big cut in benefits for what they are currently paying... which is also a loss.
Is LTC a scam? I understand why the poster in this thread believes so. He's not the only one. There is only a 7% penetration in the market, and it is obvious that a lot of people are not seeing the value in the products being sold today, or they are not willing to take the "investment" risks associated with them.
You can argue the merits or demerits of LTC all day long but bottom line LTC is seen by most of the customer base as a flawed product and LTC has, by and large, been rejected by the free market.
- 15,319
The free market can't handle health insurance nor LTC. The government should simply print more money to pay for the benefits.
Also, disability insurance is damn expensive as is my car insurance.
Bottom line = ALL INSURANCE IS A SCAM. Especially LTC. Fortunately, for most people who need the benefit, they can count on Medicaid with its unlimited resources (until we run out of enough taxpayers).
It's interesting that the agents who argue on the lack of merits of LTC seem to be the ones who don't sell it.
Rick
Also, disability insurance is damn expensive as is my car insurance.
Bottom line = ALL INSURANCE IS A SCAM. Especially LTC. Fortunately, for most people who need the benefit, they can count on Medicaid with its unlimited resources (until we run out of enough taxpayers).
It's interesting that the agents who argue on the lack of merits of LTC seem to be the ones who don't sell it.
Rick
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