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Long Term Care Insurance
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State Farm Long Term Care Insurance Review
ConsumersAdvocate.org
12 Customer Comments & Reviews - see all comments
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State Farm is the largest property and casualty insurance company in the United States. Its long term care insurance is sold only through its network of agents, although quotes are available online. The company is located in Bloomington, Illinois and does business in every state and the District of Columbia.
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12 Customer Comments & Reviews
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I have been paying for a State Farm LTC Policy for over 20 years with premiums going up almost every year to the point where I took a paid up policy with lowered premiums. It is worth $500000. With a90 waiting period. I am soon to be 87 years old and I don’t need medical care but need someone just to watch over me in case I pass out or fall and help with medication, meals etc. I have fallen twice in the last year with injuries with no one here. I have High Blood Pressure and severe osteoarthitis and vertigo. I need to know how I can receive help that is paid my limits on the policy.
My husband worked for SF for almost 40 years. He has a Long Term Care policy as part of his retirement. When he became Chronically ill I filed a claim for his in home care. I am his caregiver, 24/7 to be paid the maximum of $235 daily. This would have helped with our mounting medical bills. SF fails to tell policyholders if they elect to care for their loved one at home this Home Care Agency takes up to 50% of your payments. A $500,000 policy is actually worth (if I am correct) $250,000. After years of premium payments, $60,000 or more, monthly premium payment $233, there really is no value to anyone but SF. Customer care is curt, rude at times, and forget about returning phone... Read More
To whom it may concern, My husband has been with State Farm Insurance for 40 + years. We married 21 years ago and subsequently I was from that point on a State Farm customer. We’ve had our occasional accident throughout the years as well as you insuring our teenage son who had his fare share of incidents. To be expected I’m sure given his age, car choice, and extremely high premiums into consideration. We recently made a move to live in our Arizona home. I have worked as a Registered Nurse for the better part of 45 years and had 3 home’s insured with you at one point along with many vehicles. Currently going through a refinance process on the only home we have a mortgage on now we... Read More
As a former employee of State Farm I feel horrible for even having my mom by this policy. She bought this policy in 2002 and was diagnosed with Alzheimer’s/ dementia in March 2020, the height of the COVID pandemic. Her doctor sent in the forms numerous time to get the claim approved and when we finally got a letter saying it was approved there was an elimination period. We hired a private healthcare provider because they said you can have your own at home health care provider and we’re just waiting fir them to send us payments. They asked for more forms to be filled out one signed. So we mailed those in. Some mail was returned to us, they claimed to have mailed us letters. Which we never... Read More
We have had long term care insurance since 2005. Suddenly they notified us that our annual premiums for the two of us will increase 174% to around 15K for the two of us. Now we are too old to go elsewhere. If we do not keep it in some watered down form we were informed that we would lose the fortune we have already paid to them. I have had State Farm since I was a teenager. This has really destroyed my trust in them. They encouraged us to plan for our future using their product. This has proved to be a very costly mistake for us. With all their actuaries, they could have and should have let us know long ago-before they priced us out of the product.
I bought this policy when I was 32 and now I am 59. My agent told me it was a wise thing to do to ensure my family wouldn't be put through hardship if something should happen. This policy now has gone up significally and deduced the offering I had invested into all these years. I think this should be looked into, if you read the current advertisement they seem to be offering the same thing the told me I couldn't have. Example - Available Policy Riders Inflation Protection Return of Premium Waiver of Premium Home Modification Now if things are getting this bad for State Farm, WHY do they put a TON of money into advertising into Sports i.e., NBA. But the customers that... Read More
Agree with the comments regarding rate increases. Also, wait until you have a claim . I have been getting the run around for three months despite my mom's obvious dementia. Make sure you have a relative willing to work through countless hours of red tape with doctors, care providers etc. They drag the claims process on endlessly hoping you will give up.
Our negative experience was our rates went up and when we got the policies the agent responded to me that our premiums WOULD NOT GO UP after I asked if the would. To our surprise tens of thousands of dollars later we get a letter saying our premium would go up so we had to lower the daily rate. The worst was being lied to by the agent. We should be able to take our vestment and move it or close it like a life insurance policy. We were told that they no longer offer long term care in California. We closed our home owners policy with them and she tried to match AAA but it was not a consideration anyway. The worse thing is being lied to by an insurance agent. I also just read that... Read More
Just received a new notice of increased premiums. In 2017 I paid $4502.00. In 2018 I will be paying $6345.00 which includes the increase in November. In 2019 I will pay $8200.00 unless there's another increase in 2019. I've had this policy since my husband died, since 2002, (58 years old and working full time). Premiums were fairly stable. But in the last 3 or 4 years there have been steady, large increases in premiums. When the economy was poor I understood a nominal increase, but the economy has been great the last few years. So why did we get such a large increase these last few years?? Is it because I'm getting older and just might be needing the services soon? Are they... Read More
I have been paying for LTCI for over 20 years. Now lately ever year the cost keeps rising due to what they say expenses. This year is the largest increase. What are senior citizens to do???
Top Rated
Our Partner
- Nation’s leader in Long-Term Care insurance since 1976
- As an independent brokerage, they provide unbiased information based on your needs
- GoldenCare has access to the Top LTC companies & discounts available
- They also offer Hybrid Long-Term Care insurance, Short-Term Care & Home Health Care plans