Priced Out Of His Policy

[Mr_Ed]

8 years ago, there very few (if any at all) LTC rate increases.
What products do you sell? Health Insurance? I'm paying 100% more for my health insurance today than I did 8 years ago. I don't recall my agent advising me of that and I don't recall seeing that disclosure on my application.

My auto insurance is higher today than 8 years ago, so is my homeowners.
I'm not sure what your point is.

go easy on tlm, arthur.
that kind of irrefutable logic burns his/her brain cells.

 

[Crabcake Johnny]

In 2004 my family had a $1,500 ded $2,000 OOP PPO for $283 per month. We now have a $10,000 ded HSA and it's more expensive.

 

[tlmarketing]

8 years ago, there very few (if any at all) LTC rate increases.
What products do you sell? Health Insurance? I'm paying 100% more for my health insurance today than I did 8 years ago. I don't recall my agent advising me of that and I don't recall seeing that disclosure on my application.

My auto insurance is higher today than 8 years ago, so is my homeowners.
I'm not sure what your point is.

So, basically those financial suitability disclosure forms were worthless 8 years ago because they would not have shown 90% rate increases...and agents if they discussed rate hikes, I'm sure never mentioned 90% increases as it may have hurt sales.

And those financial disclosures used today are still worthless based on what you previously wrote - "They still don't have a handle of the actual costs of doing business. Maybe in 30 years when their risks/costs are finally figured out, they would consider it."

Over the past 8 years, auto, health and home may have gone up....but they didn't go up 90% in 1 year, right?

 

[Arthur Rudnick]

So, basically those financial suitability disclosure forms were worthless 8 years ago because they would not have shown 90% rate increases...and agents if they discussed rate hikes, I'm sure never mentioned 90% increases as it may have hurt sales.
And those financial disclosures used today are still worthless based on what you previously wrote - "They still don't have a handle of the actual costs of doing business. Maybe in 30 years when their risks/costs are finally figured out, they would consider it."

Over the past 8 years, auto, health and home may have gone up....but they didn't go up 90% in 1 year, right?

I was advised to go easy on you, so I'll try..........

First of all, please explain how a disclosure form in 2003 can show a 90% rate increase that doesn't take place untill 2011? I'm not sure any agents (at least the agents that I know) can have advised an applicant in 2003 that a rate increase will be coming 8 years later.

You keep focusing on a 90% increase. That 90% was limited to a small block of policyholders by John Hancock in PA. That was an isolated incident and I believe it was limited to about 400 policyholders. 400 or 4,000, neither is a good thing, but most increases over the past few years (at least in NY) were in the 5%-15% range.

 

[Mr_Ed]

So, basically those financial suitability disclosure forms were worthless 8 years ago because they would not have shown 90% rate increases...and agents if they discussed rate hikes, I'm sure never mentioned 90% increases as it may have hurt sales.

And those financial disclosures used today are still worthless based on what you previously wrote - "They still don't have a handle of the actual costs of doing business. Maybe in 30 years when their risks/costs are finally figured out, they would consider it."

Over the past 8 years, auto, health and home may have gone up....but they didn't go up 90% in 1 year, right?

The 90% increase in question was on:

1) a handful of policyholders
2) was on policies that were approximately 13 years old. That's equivalent to about a 6% compounded increase each year the policy was in-force. I WISH my medical insurance only went up 6% every year.

I like what Rick said (my version goes like this):

I can explain it to you, but I can't get into your brain and make all those synapses work so that you understand it.

 

[tlmarketing]

The 90% increase in question was on:

1) a handful of policyholders - Actually there are hundreds
2) was on policies that were approximately 13 years old. Try 8-9 year old policies

That's equivalent to about a 6% compounded increase each year the policy was in-force. I WISH my medical insurance only went up 6% every year.

I like what Rick said (my version goes like this):

I can explain it to you, but I can't get into your brain and make all those synapses work so that you understand it.

There is no explanation needed ms ed.....i understand it better than you.

 

[Arthur Rudnick]

a handful of policyholders - Actually there are hundreds

I believe my previous post stated:

You keep focusing on a 90% increase. That 90% was limited to a small block of policyholders by John Hancock in PA. That was an isolated incident and I believe it was limited to about 400 policyholders

I'm not sure, but I think 400 can also be expressed as:
"hundreds"

So, once again, what is your point?

 

[tlmarketing]

I believe my previous post stated:



I'm not sure, but I think 400 can also be expressed as:
"hundreds"

So, once again, what is your point?

that post was to ms ed's "handful" comment...I agree that there were around 400.

 

[Arthur Rudnick]

I agree that there were around 400.

At least we can agree on something.

BTW, there are over 8,000,000 people who own LTC policies.

I'd call 400 a handful as well.

 

[tlmarketing]

At least we can agree on something.

BTW, there are over 8,000,000 people who own LTC policies.

I'd call 400 a handful as well.

I would call it 400 people who were screwed by long term care insurance rate increases....

I understand that you need to protect your business, but those are 400 people who tried to do the right thing......taking care of themselves so their families wouldn't be left with the job later on....."they were deprived of the use of their money" a Neasham reference.....maybe it's a criminal complaint instead of a civil matter...