Market May Need to Reinvent LTCI

[Arthur Rudnick]

originally posted by Mr_Ed

Insurers that sell Medicare supplements can have lower, more frequent changes to premiums based upon experience.

Well, here's the problem:
Actuaries can't get it right today and they've had 40 years of experience.

And, now you change your story. In another thread a few months ago, I told you I listened to McInerny state that he wanted to have an environment where Genworth had the ability to raise premiums every year or two by 5% or 10%.
He stated that was better than requesting rate increases of 25%-50% every 4-5 years.

At the time you claimed that he never said that.
But now.............

 

[Mr_Ed]

originally posted by Mr_Ed




Well, here's the problem:
Actuaries can't get it right today and they've had 40 years of experience.

And, now you change your story. In another thread a few months ago, I told you I listened to McInerny state that he wanted to have an environment where Genworth had the ability to raise premiums every year or two by 5% or 10%.
He stated that was better than requesting rate increases of 25%-50% every 4-5 years.

At the time you claimed that he never said that.
But now.............

I did not say that.
I said that you misunderstood what he was saying.

Under current regulations you can't have modest, frequent premium increases.

He wants to change that.

 

[ltcadviser]

Originally posted by ltcadviser



Jack,
Are you sure that's how it works?

I have to read the Outline of Coverage one more time but I am pretty sure it is how it works. The actual brochure made it confusing. It had a nice picture of a happy married couple holding hands on their hammock staring out at the Hilton Head sunset and there was a small footnote number by the wife's coffee cup that I almost missed that directed me to some complicated explanation in small print at the bottom of page 8 in the brochure.

I will confirm tonight. I think I saw notes that for ages 70 and over, Danny's Song does not apply. Instead it is Pablo Cruise's A Place In The Sun.