MedAmerica STC

[somarco]

Would like opinions on the MedAmerica short term care product.

MedAmerica Transitions: A New Short Term Care Product

MedAmerica Transitions Short Term Care Insurance

 

[Mr_Ed]

Would like opinions on the MedAmerica short term care product.

MedAmerica Transitions: A New Short Term Care Product

MedAmerica Transitions Short Term Care Insurance

Do you have anything to read about the product like an outline of coverage or even a brochure? How about an application or an underwriting guide? Those links didn't give much info.

nadm

 

[yankee466]

Haven't seen it yet, but I would wonder why they would not pitch their FlexCare plan (available with as little as one year benefit and optionally facility only) as their short term plan? You can configure it to work as advertised with this "Transitions" offering. Seems like internal competition to me at first glance.
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Would like opinions on the MedAmerica short term care product.

MedAmerica Transitions: A New Short Term Care Product

MedAmerica Transitions Short Term Care Insurance

Bob - since you are not a LTC guy....why ask?

 

[somarco]

app

brochure

specimen policy

@Herman, you have a point, two of them in fact.

Haven't looked at MedAmerica in a while but liked what I saw with their product a few years ago.

As for your second comment, how am I ever going to learn if I let you do it all?

 

[Mr_Ed]

app

brochure

specimen policy

@Herman, you have a point, two of them in fact.

Haven't looked at MedAmerica in a while but liked what I saw with their product a few years ago.

As for your second comment, how am I ever going to learn if I let you do it all?

How about an underwriting guide?
...forget the underwriting guide.

how about a rate card?


nadm

 

[yankee466]

My understanding is that it rolls out in Georgia and a few other states on 10/01......hence the limited info available at this time.

Since it is being advertised as a "short term recovery" product, although it may look and smell like a LTC plan with limited choices, it does not fall into the category of true LTC insurance....so likely a health/life agent will be able to sell it without being LTC certified. (Just an assumption on my part) The partnership eligibility would not be in the plan.

Word has it that the commissions will not be as good as selling an AIMS FlexCare plan with a one year benefit....and not sure of the pricing model at this time either.

.....so it may be worth putting in the trunk of the car, but it is certainly not designed to solve the problem of a LONG Term Care need. I do not think it is a cash plan like Simplicity either.....but could be wrong on that.

Better than nothing is of course debatable.

 

[Arthur Rudnick]

As stated, it's just being rolled out and may take 12-18 months before it's available in all states.

I agree with Herman that it does not technically qualify as LTCi.

The benefit periods are 100, 200 or 365 days. It's my understanding that a LTC policy must have a minimum benefit offering of at least 730 days.

I'm tring to get some more information to share.
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OK, here's the deal on MedAmerica's Transitions, Short Term Care Policy:

[FONT="Arial","sans-serif"]Itis a short term care product filed in most states as Accident and Health. Inseveral states, about 13, it will need to be filed by DOI rules as a ltciproduct. In NY and NJ it will be ltci. We haven't filed in NY yet. It has beenapproved in NC, SC, GA, KY. pending in FL, TX, TN, & VA.

In the states it has been approved thus far. [/FONT]

• [FONT="Arial","sans-serif"]Reimbursement POOL of money approach which makes it unique for this type of product[/FONT]
• [FONT="Arial","sans-serif"]Durations in approved states: 100, 200 and 360 days[/FONT]
• [FONT="Arial","sans-serif"]Daily Benefit amounts in $10 increments up to $300 a day[/FONT]
• [FONT="Arial","sans-serif"]Calendar Elimination 20, 30, or 60 days - also unique[/FONT]
• [FONT="Arial","sans-serif"]Built in one time restoration of benefits[/FONT]
• [FONT="Arial","sans-serif"]Waiver of Premium[/FONT]
• [FONT="Arial","sans-serif"]One Rider: 5% Simple Inflation if wanted[/FONT]
• [FONT="Arial","sans-serif"]10% domestic/spousal discount regardless if both apply[/FONT]

[FONT="Arial","sans-serif"]Goodfit for Senior Market- those folks who missed the ltci boat and the cost oftraditional ltci is too expensive, but want transitional coverage.[/FONT][FONT="Arial","sans-serif"]Alsofolks that have a traditional ltci plan with a high service deductible - thiscan be an affordable solution for some coverage during the interim.[/FONT]

 

[somarco]

I knew it would not comply with partnership rules. Didn't think about LTCi certification but that makes sense.

I look at this like LTC lite for those who want something but can't afford / don't want the whole enchilada.

Not sure if I will pull the trigger on this or not but wanted feedback . . . which I did get.

@Herman, did you ever get some business cards . . .

 

[CALTCAgent]

Haven't seen it yet, but I would wonder why they would not pitch their FlexCare plan (available with as little as one year benefit and optionally facility only) as their short term plan? You can configure it to work as advertised with this "Transitions" offering. Seems like internal competition to me at first glance.

Is the underwriting on this different than the FlexCare plan?

Not familiar with "FlexCare", I'm assuming thats fully underwritten and Transitions is "easy issue", yes/no on application.

 

[Arthur Rudnick]

It's a 5-page app and the underwriting is page 1.
2 outcomes: Issued or Declined
FlexCare is fully underwriten just like MedAmerica's Simplicity product. This STC policy is far from an "easy issue".

app