Med America Vs Genworth

[csalter]

Hello Wise LTC Ones,

I hope all is well. I have been looking at a Med America policy. Although it's more expensive policy than my Genworth, but not by a whole lot, it has some features that seem to be attractive to me.

First, they give you a cash benefit for the month. That is very appealing. You can have anyone you want provide care for you. Secondly, they use calendar days as opposed to service days to determine your elimination period, so your elimination period would go by faster. Thirdly and importantly, you can use this benefit for anyone who is giving you care including family or friends. That gives one great flexibility.

The cash benefit without all of the hassles sets them apart from Genworth. Genworth requires we use a providers to determine all of our long term needs. Med America does not, they seem to be much more simple in determining your eligibility and paying the claim than Genworth.

Do any of you have thoughts on them?

 

[Mr_Ed]

Hello Wise LTC Ones,

I hope all is well. I have been looking at a Med America policy. Although it's more expensive policy than my Genworth, but not by a whole lot, it has some features that seem to be attractive to me.

First, they give you a cash benefit for the month. That is very appealing. You can have anyone you want provide care for you. Secondly, they use calendar days as opposed to service days to determine your elimination period, so your elimination period would go by faster. Thirdly and importantly, you can use this benefit for anyone who is giving you care including family or friends. That gives one great flexibility.

The cash benefit without all of the hassles sets them apart from Genworth. Genworth requires we use a providers to determine all of our long term needs. Med America does not, they seem to be much more simple in determining your eligibility and paying the claim than Genworth.

Do any of you have thoughts on them?

it's not calif partnership.
you're probably being quoted a lower inflation benefit than 5% compound.

 

[Arthur Rudnick]

csalter,

Is MedAmerica's Simplicity a better policy than Genworth's? IMO, MedAmerica's policy is the best policy on the market, hands down.

And, the reason is "cash". Cash to do with as you see fit. No requirements for bills or receipts to be submitted. Each month, "here's your FULL benefit amount, spend it (or don't spend it) as you like."

Depending upon your age, they are usually more expensive than other carriers, but their sweet-spot is 60 & below, where they become very competitive.

As stated, be sure you do an apples-to-apples comparison. If affordable and the benefits are fairly equal, I have no problem suggesting a MedAmerica policy.

The only downside with MedAmerica is that unlike Genworth, they do not have a zero-day elimination period for home care. But to me, that's not a deal-breaker.

 

[csalter]

It is a more expensive policy, but not to the degree that it's a deal breaker. I am not so much concerned about the partnership piece.

The benefits just seem almost too good to be true. Also, the claims process seems so much more simple than Genworth's. When I looked at Genworth's when I got it, I had to have a Care Coordinator and all of these different forms. Also, Med America's monthly benefit as opposed to daily is very attractive.

I am concerned about Med America's B++ rating. You folks here have calmed me down a bit about Genworth's rating, but I understand they may go down again. Is it true that Med America is a part of Blue Cross New York. That's what the agent said. If so, what does that mean?
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it's not calif partnership.
you're probably being quoted a lower inflation benefit than 5% compound.

It's at 5% compound. They also have a 5% 2x, but I wanted to know the 5% compounded annually.

 

[Arthur Rudnick]

csalter,

MedAmerica's parent company is Excellus Health Plans, which owns a number of health care entities, including most of the BC & BS throughout the country. Excellus is a $6 billion company and has a S&P rating of 'A-' (Strong) along with an AMBest rating of B++ (Good)

What you look at in determining financial stability are the carrier's Reserves. Obvioulsy, each state's DOI feels that MedAmerica's reserves are adequate enough to handle future claims.

Now,
Not to say "I told you so" BUT..................
If I recall, your first few posts on this forum last year was about getting forum advice on a LTC policy. After much discussion based on your income, assets and concerns, you were advised of 2 things:
1) A Partnership policy was not appropriate,
and
2) Although you sat with a Genworth agent, you were advised to sit with an independent agent representing most carriers in CA and get an unbiased opinion.

Correct me if I'm wrong, but at the end of the day, you did not listen to our advice and you went ahead and purchased a CA Partnership policy with Genworth.

After receiving your policy, you posted a number of questions about the policy's benefits & the company's financial stability.
I for one, got on your case for not doing your due dilligence prior to purchasing a policy, rather than after purchase.

So..............
Now fast-forward months later and you find out about a policy offered by MedAmerica. If you would have listened to forum member's advice, with an independent agent you would have looked at all carriers in CA, before your purchase, including MedAmerica.

BTW, I recall you paying your premiums on a 10-pay. MedAmerica also offers a 10-pay in CA.

Also, depending on your age, take a look at MedAmerica's 5% cmp, 2x. It's usually substantially less than a 5% cmp, unlimited.

If you're 65 or above, with a 2x cmp., your monthly benefit will double in 15 years and then remain level. The annual premium savings will more than make up what you'd possibly lose if you didn't go on claim until your early to mid 80's.

You may be a year older since your original purchase, but if your health still qualifies you for a preferred rate, now is the time to make the switch.

 

[csalter]

csalter,

MedAmerica's parent company is Excellus Health Plans, which owns a number of health care entities, including most of the BC & BS throughout the country. Excellus is a $6 billion company and has a S&P rating of 'A-' (Strong) along with an AMBest rating of B++ (Good)

What you look at in determining financial stability are the carrier's Reserves. Obvioulsy, each state's DOI feels that MedAmerica's reserves are adequate enough to handle future claims.

Now,
Not to say "I told you so" BUT..................
If I recall, your first few posts on this forum last year was about getting forum advice on a LTC policy. After much discussion based on your income, assets and concerns, you were advised of 2 things:
1) A Partnership policy was not appropriate,
and
2) Although you sat with a Genworth agent, you were advised to sit with an independent agent representing most carriers in CA and get an unbiased opinion.

Correct me if I'm wrong, but at the end of the day, you did not listen to our advice and you went ahead and purchased a CA Partnership policy with Genworth.

After receiving your policy, you posted a number of questions about the policy's benefits & the company's financial stability.
I for one, got on your case for not doing your due dilligence prior to purchasing a policy, rather than after purchase.

So..............
Now fast-forward months later and you find out about a policy offered by MedAmerica. If you would have listened to forum member's advice, with an independent agent you would have looked at all carriers in CA, before your purchase, including MedAmerica.

BTW, I recall you paying your premiums on a 10-pay. MedAmerica also offers a 10-pay in CA.

Also, depending on your age, take a look at MedAmerica's 5% cmp, 2x. It's usually substantially less than a 5% cmp, unlimited.

If you're 65 or above, with a 2x cmp., your monthly benefit will double in 15 years and then remain level. The annual premium savings will more than make up what you'd possibly lose if you didn't go on claim until your early to mid 80's.

You may be a year older since your original purchase, but if your health still qualifies you for a preferred rate, now is the time to make the switch.

I don't know why you don't think I heeded the advice given to me back then. The agent who sold me the Genworth policy was an independent one. He showed me Mutual of Omaha, TransAmerica and a few others. Genworth seemed to be the most reasonable price. They all seemed to be pretty comparable that I saw. Some had the shared benefit, etc. However, I did not ever see Med America until this gentleman showed it to me. In fact, I had seen and spoke to about 4 agents about LTC and he is the first to mention and show me Med America. I am not sure why, but of all the quotes I have received none of them mentioned Med America. In fact, the first time I ever heard of them was on this forum. Are they hard to get approval to sell?

As for the partnership policy, I looked at it this way. It wasn't going to hurt me by having it. If my circumstance was to change for some reason and I became poor or something. (Heck, I do have a wife that loves to buy things) I would be covered. Plus, more importantly, it did not cost extra to have it as a partnership policy. I bought the Genworth policy because it offered a great comprehensive benefit not because it was a partnership policy. I still believe it has a great benefit. However, since I am still relatively young at 52 and my wife at 38. If I am going to jump ship, this would be the time to do it before it becomes costly. If I do decide to change, I need to get on it before my birthday comes this month. I am leaning toward it.

I would not drop my Genworth policy until I am fully secured and in with Med America if I go that way.

 

[Arthur Rudnick]

peviously posted by csalter

I would not drop my Genworth policy until I am fully secured and in with MedAmerica if I go that way.

Correct, under no conditions should you drop Genworth until you are approved by MedAmerica. Any premium paid to Genworth should be returned to you on a prorated basis once you cancel. You might want to call Genworth to confirm that.

I'm not sure why not one of the 1st 3 agents did not represent MedAmerica. The policy is available in all states. Maybe because they're not Partnership Qualified?

The issue earlier was not about Genworth, they are an excellent company. The issue was based on your income & assets. Forum members did not feel a Partnership policy was appropriate for you.

I don't recall your benefits, but once the policy has been exhausted, you would have to start spending down your assets, (up to the policy's pool of money) or contribute your income to the cost of care. I think you had a substantial income in pension or IRA, and that being the case, a good part of that (or all of it) would have to go towards the cost of care.

That scenario will deprive your wife the benefit of continuing to shop as much as she'd like to. When you're old & disabled, the last thing you need is a pissed-off, younger wife.

 

[Mr_Ed]

The medamerica policy will be 30% to 50% more premium than the Genworth policy. If you're being show premiums that are close to each other, then you're not being shown an apples to apples comparison.


... and your genworth policy pays home care on a monthly basis (not daily). that's required in every california partnership policy.

 

[Arthur Rudnick]

previously posted by Mr_Ed

The medamerica policy will be 30% to 50% more premium than the Genworth policy. If you're being show premiums that are close to each other, then you're not
being shown an apples to apples comparison.

Where did you get his Genworth Policy Benefits from?
Did I miss that or did you go back to the original thread, which I did not?

And, what did you base his MedAmerica premium on?

 

[Mr_Ed]

previously posted by Mr_Ed



Where did you get his Genworth Policy Benefits from?
Did I miss that or did you go back to the original thread, which I did not?

And, what did you base his MedAmerica premium on?

I ran it with 5% compound, preferred health for both, 3 bp vs 3bp, and 6bp vs 5bp, lifepay and standard pay.

in every scenario the medam was at least 30% more premium... sometimes 50% more premium.