Med America Vs Genworth

[Arthur Rudnick]

previously posted by ltcadviser

Lot less expensive with NYLife. Oh, I am sorry. You don't want an inexpensive policy with an A++ mutual company. You like the A and A- companies.

Come on Jack,
Ratings aside, how can you compare a NYL (reimbursement policy) with a MedAmerica's cash benefit policy? They're not even in the same ballpark.

The focus here was on flexibility & benefits, not on price.

 

[CALTCAgent]

Any thoughts?

I am curious, are you working with a different agent for Medamerica than the one that you have the Genworth policy with?

 

[csalter]

I am curious, are you working with a different agent for Medamerica than the one that you have the Genworth policy with?

Yes, he's different. He knew I had the Genworth policy before he came. The agent with whom I bought the Genworth policy has not been returning calls. He also never brought up Med America as an option when we met.

I am sure if any agent has my ear they will try to sell me a policy.

 

[ltcadviser]

previously posted by ltcadviser



Come on Jack,
Ratings aside, how can you compare a NYL (reimbursement policy) with a MedAmerica's cash benefit policy? They're not even in the same ballpark.

The focus here was on flexibility & benefits, not on price.

Ratings aside?

If Conseco or Bankers or Penn Treaty sold cash would you buy it?

I wouldn't.

 

[csalter]

I find it interesting that NY Life does not insure younger people for LTC if they are married.

 

[CALTCAgent]

I am sure if any agent has my ear they will try to sell me a policy.

Nobody on this forum would ever do such a thing!

 

[Arthur Rudnick]

previously posted by ltcadviser

If Conseco or Bankers or Penn Treaty sold cash would you buy it? I wouldn't.

Bit of a stretch comparing MedAmerica with Conseco, Bankers or Penn Treaty isn't it?

 

[csalter]

After lots of thought and consideration. I decided to stick with Genworth policy. I was ready to pay more money for the flexibility, but there were other factors that made me stick with Genworth.

First, the main reason that I even considered another company was because I was thinking a higher rated company might be in my best interested since I do want to feel mentally secure that if I do need care it would be there. Hearing you guys discuss Conseco and Penn Treaty did not make me feel better. Genworth still had better ratings than MedAmerica. That was the first thing.

Then the agent was not thorough. I gave him the Genworth policies in his hand so that he could very carefully do an apple to apples comparison. Twice he did not enter information on things. The MedAmerica policy has several riders that must be added in or figured into the equation. First, he had the years incorrect that I discovered. Secondly, he did not divulge to me that the HHC was different between the two companies. Med America has an elimination period and Genworth does not.

Then I was going to get only three years benefit period for me with my wife keeping four and still pay more than what I was getting for four years for two people.

Finally, I looked up rate increases for longterm care insurance in CA. I don't think MedAmerica has been here long. This document showed from 1990 rate increases from a carrier from 1990 to 2011. MedAmerica showed 39% rate increase requests across the country. They did not have a request in CA probably because they have not been here that long. I don't know. When I looked at Genworth's history, except for Minnesota where they requested a 30% increase, all of their requests for increases were 18% or lower.

The agent shared that Genworth has requested an increase, but since I do 10 pay I don't worry about that too much. At least I know it won't be nearly 40%.

So although I liked the flexibility and the cash benefit, it came down to the bottom line. I feel almost like I have a real deal now. Genworth just better stay in business in casse I need them.

 

[Mr_Ed]

I find it interesting that NY Life does not insure younger people for LTC if they are married.

who told you that?

 

[csalter]

who told you that?

It's not because they are married but because of their age. NYL does not offer LTC to people under 40.