Medico and Ability Insurance

[motorcyclegogo]

This does not look to good for Medico. Just received this in my email and thought I would share it. Tell me what you all think on this.

http://mic.gomedico.com/micfiles/bulletins/2891-16.pdf

 

[LadyYaYa]

Isn't it saying that Medico is taking over Ability's med supp's and keeping the Medico name? I could be wrong -

 

[retread]

Isn't it saying that Medico is taking over Ability's med supp's and keeping the Medico name? I could be wrong -

NO. It is saying Ability bought out Medico in 2007 and had permission to use the Medico name temporarily. Medico now no longer exists, and the name is retired. Ability now assumes all claims under policies written under the Medico name (the legal term used here is "novation") and life goes on. The only stipulation in novation is that all parties must agree. I can't see any Medico policyholder not agreeing, as this would be unfavorable to them (IMO).

 

[MrMack]

Is this only in MO or in all states?

 

[walleyeb1]

The way I understand it Medico sold Medico Life Ins. Co. Which consisted primarily of it's long term care policies. But, kept Medico Insurance Co. which is it's med sup, final expense, short term care, and other health and life policies. There were also some older non long term care policies under Medico Life Ins. Co. these policies will go back to Medico Insurance Co.

 

[retread]

The way I understand it Medico sold Medico Life Ins. Co. Which consisted primarily of it's long term care policies. But, kept Medico Insurance Co. which is it's med sup, final expense, short term care, and other health and life policies. There were also some older non long term care policies under Medico Life Ins. Co. these policies will go back to Medico Insurance Co.

I stand corrected... Ability Resources took Medico Life's name and LTC bob renaming it Ability Insurance. Medico Insurance took Ability Resources' non-LTC bob and continues under that name. In essence, a swap of bob.

 

[policy doctor]

Interesting swap. Medico/Mutual Protective sold a lot of ROP LTC policies maturing after 10 years. client could then cancel policy and get full refund or spin the 10-yr wheel again at the same premium rate. All these old blocks of LTC policies are being isolated like icebergs to avoid by several companies, not just Medico. (psst,,,hear agents are selling lots of Medico dental plans to their MA clients.)