Transamerica Life Insurance Company

Aug 10, 2015

  1. Patsy Hubbard
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    Patsy Hubbard New Member

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    Very unhappy with this company. They are taking 45-60 days to pay a claim for my mother in law in the nursing home. When we call we just get told "the payment is on the way". Would not recommend this company to anyone. We are in Oklahoma and my mother in law has been in the nursing home since November 2011. She had the insurance since the mid 1990's. We get the letters each month saying the claim will be paid within 9 days of the letter but it NEVER happens. Can someone provide me with the information to contact the Insurance Regulators, there has to be someone to protect the elderly and have guidelines. We have not received the payment for the June 2015 invoice, and today is August 10, 2015. They received the invoice in their office (according to the letter they sent us) on July 6, 2015. :mad:
     
  2. Mr_Ed
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    Mr_Ed Guru

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    So you're saying that they've been paying the claim regularly for almost 4 years now. They received the June 2015 invoice from the facility on July 6th. Therefore, it's been 35 days since they received it and the nursing home hasn't received the payment yet.

    Do you think 35 days to pay a claim is too long? My medical insurance company has taken 3 to 6 months (in some cases) to pay a claim.

    Am I missing something?
     
    Mr_Ed, Aug 10, 2015
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  3. Patsy Hubbard
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    Patsy Hubbard New Member

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    Their letters say to expect payment in 10 days, they are not paying in their own "committed time" and yes they paid fine until May-within the 10 day time frame per their insurance policy statement/agreement. Does anyone know how to contact a overseeing agency? We are required to pay our premiums on time, and they should be held to the same standard. They are the ones who set the time commitments.
     
  4. Mr_Ed
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    Hi Patsy,

    Your mother's premiums are no longer required to be paid.
    Once on claim, premiums cease.

    The overseeing agency is the Oklahoma Insurance Commissioner.

    Most states' insurance regulations give the insurance company 60 days to pay a claim from the time that they receive the "proof of loss" (e.g. the bill).

    I suggest you wait until 60 days from July 6th to filing a complaint. The insurance commissioner cannot do anything until then since the insurer has not violated any insurance regulations yet.


    :GEEK:
     
    Mr_Ed, Aug 11, 2015
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  5. ltcadviser
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    ltcadviser Guru

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    Scott, I think Patsy was just trying to make her point that it is a 2 way street.

    Some (very few) policies do not have waiver of premium, by the way.

    Even one current policy by a big LTC insurance company does not waive premiums today for claimants.
     
  6. Mr_Ed
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    waiver of premium for nursing home care has been required by the regulators for over 2 decades.
     
    Mr_Ed, Aug 11, 2015
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  7. patsyhub
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    patsyhub New Member

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    Thank you for your help, I pulled out the checkbook and I need to correct my statement, we are paying monthly to UnitedHealthCare on 2 separate payments. One for $24.68 and one for $54.90. We are not currently paying premiums to Transamerica. Also today our bank received the June and July payments, so maybe talking to someone finally helped. They came just in time since the payment was drafted to the nursing home today for the June payment, whew. It was close!
     
    patsyhub, Aug 11, 2015
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  8. ltcadviser
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    Tell that to John Hancock Performance LTC
     
  9. Mr_Ed
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    i guess if someone is selling a "vanishing premium" then there's no need for a waiver of premium right?

    :laugh:
     
    Mr_Ed, Aug 12, 2015
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  10. ltcadviser
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    ltcadviser Guru

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    I think Morgan Stanley ceased its relationship with Genworth and now MSDW is selling this policy.

    So I guess their financial advisers are at the mercy of wholesalers now?
     
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