MedAmerica STC

[yankee466]

I notice about 8 conditions on the Transitions Short Term LTC application that are declines that might not be declines with "Traditional LTC".

True...but do you see a place to even list a height and weight?

Still sounds like a phone interview like MG to me....

as an update......it is 1) questions on the ap, 2) phone interview to verify questions on the ap with cognitive screen over 50, F2F if over 75, 3) Prescription screen. That's it. No APS required.

 

[Arthur Rudnick]

"that's it. No APS required."

Then why the need for a HIPAA form in the app?

I'm sure there will be an Rx report and a lengthy F2F or PHI.

 

[yankee466]

Like i said before.....the agent and process guide for Transitions says:

....it is 1) questions on the ap, 2) phone interview to only verify questions on the ap with cognitive screen over 50, F2F cognitive if over 75, and 3) Prescription screen. That's it. No APS required.*hippa release would be neededfor Rx screen. There is a lengthy list of meds u better not be taking.

They have all the deatils on their webpage now

 

[Arthur Rudnick]

I just did a comparison between Simplicity & Transitions.
Interesting results.......

#1 - Transitions is a pool of money, reimbursement policy and Simplicity is a cash-benefit policy. (Edge-Simplicity)

#2 - Transitions requires bills/receipts to be submitted in order to be reimbursed. Simplicity does not require proof of services.
(Edge - Simplicity)

#3 - Transitions requires a provider (other than chore/homemaker services) to be licensed and affiliated with a licensed agency. Simplicity does not. (Edge - Simplicity)

#4 - It appears it is much easier to medically qualify for a Simplicity policy than Transitions.
(Edge - Simplicity)

Simplicty:
60 year old Single
$200,000 cash-benefit account
$6,000 month
33 month benefit
60 day EP
5% Simple
Premium:
Preferred: $3,080
Standard: $3,483

Transitions:
60 year old Single
Only Standard Rate
$108,000 (max)
$9,000 month
12 month benefit
OR
$108,000
$6,000 month
18 month benefit
60 day EP
5% Simple
Premium Standard: $3,030

So, with Simplicity you have a cash-benefit product with $200,000 in benefits vs Transitions with a max $108,000 pool of money and for a generally healthy person, Simplicity is at the same annual premium.

(Edge - Simplicity by a wide margin)

 

[somarco]

Thx again for all your insight. This is helpful.

 

[yankee466]

I just did a comparison between Simplicity & Transitions.
Interesting results.......

#1 - Transitions is a pool of money, reimbursement policy and Simplicity is a cash-benefit policy. (Edge-Simplicity)

#2 - Transitions requires bills/receipts to be submitted in order to be reimbursed. Simplicity does not require proof of services.
(Edge - Simplicity)

#3 - Transitions requires a provider (other than chore/homemaker services) to be licensed and affiliated with a licensed agency. Simplicity does not. (Edge - Simplicity)

#4 - It appears it is much easier to medically qualify for a Simplicity policy than Transitions.
(Edge - Simplicity)

Simplicty:
60 year old Single
$200,000 cash-benefit account
$6,000 month
33 month benefit
60 day EP
5% Simple
Premium:
Preferred: $3,080
Standard: $3,483

Transitions:
60 year old Single
Only Standard Rate
$108,000 (max)
$9,000 month
12 month benefit
OR
$108,000
$6,000 month
18 month benefit
60 day EP
5% Simple
Premium Standard: $3,030

So, with Simplicity you have a cash-benefit product with $200,000 in benefits vs Transitions with a max $108,000 pool of money and for a generally healthy person, Simplicity is at the same annual premium.

(Edge - Simplicity by a wide margin)

Arthur:

Comparing Transitions to an overpriced product like Simplicity doesn't really prove anything.....as Transitions is not sold as a LTC plan.

Instead, take the 65 year old who can only afford a $100/month plan with 5% simple inflation, 30 day elim and wants to buy a $200/day Transitions plan that will pay for only 100 days of recovery...else a whopping $20,000 of pool...and he can. He stated in the meeting that if he still needed care after 100 days, his closest friend swore an oath that he would smother him with a pillow. What is the cheapest, in your comparison, Simplicity plan you can come up with for a 65 year old that pay for at least one day of cash back at $200/day (aka $6000/month) and 5% simple? I get over $500/month of a premium when I run the numbers (std health - single)

Even if you argue that $100/day for two years may be as good, unless of course he actually needs $200/day, the premium with Simplicity (cash or not) is $262/month. The client may not care that he has $200,000 of pool if he can't or won't buy the product. Advantage => Transitions?

You'll actually find a much more competitive plan, if that is the intent, with MedAmerica's FlexCare product with an actual one year benefit period (~$75,000 pool). Simplicity is rarely affordable under any circumstances compared to Flexcare...even with the cash option available in Flexcare.

I know it's a crazy example.....but I am showing where the product is targeted. Its essentially being marketed to Health and Life guys looking to plug holes in Medicare or their health plan for something not expected to last more than a year....hence Bob actually starting this thread.

None of my LTC FMO's called me and said...Man, you need to look at this!!! (not yet anyway) All my FMO's selling MedSups and MAPD sent me an email though......so its gotta tell you something.

I would be more concerned as to how does Standard Life's Recovery II product compare in price to MedAmerica's plan...as LTC agents are generally not expected to be selling Transitions plan, as there is nothing LONG about it. Its a low cost, short term recovery plan.....short and sweet...... else its for the Kevorkian crowd. I never signed up for Recovery II when it came out either.

Heck...at least it gave us something new to talk about....as I was getting tired of the Class act thread.

 

[Arthur Rudnick]

"Heck...at least it gave us something new to talk about....as I was getting tired of the Class act thread"

CLASS Act? What's that? Please refresh my memory.....

 

[LTCForAgents]

Arthur, Yankee and Somarco,
We've got some really great information about STC from MedAmerica, including Rate Sheets and an instant Rate Calculator on our web site, LTCForAgents.com (I would post links, but I guess new accounts can't do that).

Arthur,
Here is a refresher on the CLASS Act as well as another article from Senior Market Sales, Inc. in reference to a current CLASS Act article in Forbes Magazine.

Regards,
LTCForAgents.com
- - - - - - - - - - - - - - - - - -
We've got a really good refresher on this on our web site (in reference to how it affects LTCi Agents as opposed to the many consumer-oriented articles). Check it out at LTCForAgents.com

Regards,
LTCFA