Community Chat

[tends2dogs]

On 6/10/2014 kittymomNC said:

Actually, CNA stopped selling new LTC policies a number of years ago, and I think sold their LTC business. They had started selling the coverage in the early days of its availability, and apparently misjudged the actual costs going forward. Once these kinds of policies had been in effect for a number of years and costs kept escalating, they got out of that part of their business. However, I still send my premiums made out to CNA Insurance. It gets so confusing with the way companies buy each other out, or buy part of another company's business, just like with banks. When I was working for the financial company, sometimes it was extremely difficult to track down policies that were sold many years ago under one insurance company's name, and then had gone to two or three more, or they were being serviced by a different company. At least I still have a valid customer service number if I have a question...

Kittymom, I just made out the checks for our premiums and sent them out to CNA. I called the customer service number to ask if I could give a credit card number to make the payment and they said no. I also asked who the agent was for this area as we would like to review just what benefits we have under out policies. She said there are no more agents. All inquiries are handled by customer service via phone. Thanks for the background of what happened with CNA.

BTW our premiums went up 56% last year. I am 60 (61 next week) and my husband is 69. I guess we fell into the age slot for increases! This was the first increase ever from them, but WOWZA!

[croemer]

On 6/10/2014 tansy said:

On 6/10/2014 happy housewife said:

We have LTC insurance with Met Life - built into the policy are the increases that we will get - no more than 5% and no more often than every 5 years. However we can count on getting that 5% every 5 years like clockwork. However, i feel that is very reasonable. Our current premium is $47.50/month. Mine just went up $2.50/month as it hit the 5 year anni.

Wow. That worked out very well for you, HH. Good deal.

We too have the same built in percentage rate...not sure it will not be going up even higher...but it is helpful.

Hi Cakers...she is doing much better but would rather be in her home which is too far from us and its a small town with no help available.

[tends2dogs]

On 6/10/2014 croemer said:

On 6/10/2014 tansy said: So the siggy is directed at a fellow poster??

If your talking to me...nope.

I was referring to a verse from the Bible - I Corinthians 15:55.

[kittymomNC]

On 6/10/2014 tends2dogs said:

On 6/10/2014 kittymomNC said:

Actually, CNA stopped selling new LTC policies a number of years ago, and I think sold their LTC business. They had started selling the coverage in the early days of its availability, and apparently misjudged the actual costs going forward. Once these kinds of policies had been in effect for a number of years and costs kept escalating, they got out of that part of their business. However, I still send my premiums made out to CNA Insurance. It gets so confusing with the way companies buy each other out, or buy part of another company's business, just like with banks. When I was working for the financial company, sometimes it was extremely difficult to track down policies that were sold many years ago under one insurance company's name, and then had gone to two or three more, or they were being serviced by a different company. At least I still have a valid customer service number if I have a question...

Kittymom, I just made out the checks for our premiums and sent them out to CNA. I called the customer service number to ask if I could give a credit card number to make the payment and they said no. I also asked who the agent was for this area as we would like to review just what benefits we have under out policies. She said there are no more agents. All inquiries are handled by customer service via phone. Thanks for the background of what happened with CNA.

BTW our premiums went up 56% last year. I am 60 (61 next week) and my husband is 69. I guess we fell into the age slot for increases! This was the first increase ever from them, but WOWZA!

Thanks for the info about Customer Service--it makes me a little nervous. I think I'll give them a call and see if I can find out what company actually owns my policy and who pays if I need to use it. Seems like we would have a right to know that since we are paying premiums. I don't know if the lack of premium increases on mine is because it was a group policy through my employer - it still refers to that company on my bills.

[tansy]

KittyMom, I did a shout-out to you.

[kittymomNC]

On 6/10/2014 tansy said: KittyMom, I did a shout-out to you.

Got it and replied - thanks!

[Emma bunting]

((((((croemer's mom)))))))

[esmerelda]

OP, my company had an increase last year or the year before. They gave the option to pay the higher premium, decrease the benefit, or decrease the time. Has your company offered anything like that?

Also, there is some company (I wish I could remember which one) that sells a policy that becomes an insurance policy at death if it hasn't been used for LTC.

Also, I understand there are some state partnerships where, if you have a LTC policy, whatever the policy is for (let's say a benefit of $400K), that much in assets is protected. Having the policy shows your intent to pay your way.

If you have a financial advisor, see if s/he has any information on any of these things.

And maybe this is an opportunity for you to review why you have the coverage. If it's to pass on your "riches" to your children, you may want to rethink it if it's a financial drain. If it's to stay in your house as long as you can (with help paid for by LTCi) or be able to choose where you'll go, they are better reasons. IMO.

[151949]

On 6/10/2014 tansy said:

On 6/10/2014 happy housewife said:

We have LTC insurance with Met Life - built into the policy are the increases that we will get - no more than 5% and no more often than every 5 years. However we can count on getting that 5% every 5 years like clockwork. However, i feel that is very reasonable. Our current premium is $47.50/month. Mine just went up $2.50/month as it hit the 5 year anni.

Wow. That worked out very well for you, HH. Good deal.

We bought what was recommended by AARP - DH 19 years ago and me 15 years ago. I know a lot of people on this BB say they want nothing to do with AARP because they are brainwashed by Fox news - but, honestly, they do wonderful things for seniors, and we have always been able to trust their recommendations. Of course a lot of why are premiums are low is because we both bought as soon as we turned 50.

[Hoovermom]

On 6/10/2014 happy housewife said:

On 6/10/2014 tansy said:

On 6/10/2014 happy housewife said:

We have LTC insurance with Met Life - built into the policy are the increases that we will get - no more than 5% and no more often than every 5 years. However we can count on getting that 5% every 5 years like clockwork. However, i feel that is very reasonable. Our current premium is $47.50/month. Mine just went up $2.50/month as it hit the 5 year anni.

Wow. That worked out very well for you, HH. Good deal.

We bought what was recommended by AARP - DH 19 years ago and me 15 years ago. I know a lot of people on this BB say they want nothing to do with AARP because they are brainwashed by Fox news - but, honestly, they do wonderful things for seniors, and we have always been able to trust their recommendations. Of course a lot of why are premiums are low is because we both bought as soon as we turned 50.

For real????