MedAmerica Long Term Care Insurance Review
17 Customer Comments & Reviews - see all comments
Disclosure: We receive advertising revenue from some partners.
With thirty years of experience, MedAmerica specializes in long term care insurance. They provide personal care advisors to help customers achieve the level of care they need for themselves and their loved ones. Some MedAmerica policies waive their premiums once policyholders begin filing claims. (Note: As of February 2016, MedAmerica no longer offers long term care insurance policies. Current policies are still in effect.)
Leave a comment for MedAmerica Long Term Care Insurance
17 Customer Comments & Reviews
Loading Reviews ...
Class action lawsuit...I'm in. What is up with the New York State Department of Financial Services approving a 86.8% premium increase for MedAmerica. Who's protecting the consumer? How is anyone supposed to afford an 86.8% increase. It's absolutely outrageous. Have had policy since 2002 when I was only 41 years. Depended on this policy paying out when I needed it and now I don't see how I can pay for such an exorbitant increase. You should be ashamed, NYSDFS. MedAmerica asked for a 147% increase in Connecticut..Disapproved for a 30% increase over 3 years. In Pennslyvania, they requested increases between 76.3% and 82.8%...again Disapproved for a 20% increase. Not great, but definitely more... Read More
I am right there with you Esther F! So frustrating and then they tell me they will “keep the over 3,000 dollars I have put in” incase I ever need it...but, no interest on that and basically no other options except pay the increase I was told would never happen!! I also saw they are no longer selling ltc policies... I seriously doubt the money I’ve put in would ever be there if I did need it! Least they can do is return the previous premiums I paid so I can invest on my own. They certainly haven’t kept their end of the bargain...very disappointed!!!
I just received an 86% premium increase for my long term health care insurance premium That was NOT a typo - 86%!!!! Exactly what kind of insurance is that? When you get old enough that you MAY need it, they increase the premiums by 86% and state "you may not be able to afford ...". MAY NOT?! No, definitely not!By doubling their premiums they are NO longer alternative for me. I have NEVER used the policy. So, it is NOT because of my ill health or their bad experience with me. BTW - this doubling is only guaranteed for 3 years! At the end of that period they may increase it again.
We're with you, Susan F ! 5% increase in 2014, 6% in 2015, 6% in 2016, and now 48% increase effective in 2019. The FAQ with this 48% increase says they won't increase within 3 years unless the company is at serious risk of insolvency. They increased annually from 2014-2016. If they were facing insolvency, why those increases of 5 or 6% and now a 48% increase? More in other states, I see. Some people in their executive offices are making a boat load of money !! And the State regulators are letting them do this year after year. I am glad they can't write new policies in NY. That doesn't help those of us paying for 10 or more years !! Disgusting!! Had we known this was... Read More
We're with you, Susan F ! 5% increase in 2014, 6% in 2015, 6% in 2016, and now 48% increase effective in 2019. The FAQ with this 48% increase says they won't increase within 3 years unless the company is at serious risk of insolvency. They increased annually from 2014-2016. If they were facing insolvency, why increase by 5 or 6%? Now a 48% increase. More in other states, I see. Some in their executive offices are making a boat load of money !! And the State regulators are letting them do this year after year, except where they can't write new policies. That doesn't help those of us paying for 10 or more years !! Disgusting!! Had we known this was possible, we would NEVER have... Read More
Well, you've done it. Somehow you have managed to get approval; for an 86% rate increase. I don't think government regulators have been doing their job .This isn't oversight or an oversight. Before I elect to do anything , I will be looking for a class action lawyer. Anyone want to join me? Susan F (California/New York)
Agree with Lisa below- Angry and disappointed that something I had always counted on to protect myself and my family may be in jeopardy. What does it say about a company when they file for and get 87% increase? To me it says they made poor assumptions in order to get our money and now we are supposed to pay for it.
Very angry and disappointed.... I've had LTC insurance for 14 years, just got my bill for the renewal.... increased 86.6% and NO, I've never filed a claim.
BUYER BEWARE MEDAMERICA LONG TERM INSURANCE IS FAKE THEY JUST WANT YOUR DOLLARS . ELDERLY PEOPLE ARE EASY TARGETS, PUT YOUR $ WHERE YOU CONTROL SAME.
Personal experience with this company doesn't match your glowing recommendation. "We've never raised an LTC premium" they said when we bought the policy.. They raised the premium 56% 2017-2018. Thay stopped selling LTC policies in New York and some other states in 2016.. They lost their contract with New York State Employees. I think the $30,000 we've paid in premiums is at risk, and I wouldn't be surprised if they filed for bankruptcy.