MedAmerica Long Term Care Insurance Review
9 Customer Comments & Reviews - see all comments
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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.)
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9 Customer Comments & Reviews
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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.
Purchased our Long Term care policies in 2007. Med America stopped selling LTC policies in 2016. In April 2017 Med America was turned down by Connecticut Rates & Filings when they asked for 147% increase in premiums, instead they were ONLY given a 30% increase their reasoning: "The company said in its filing that the increase was needed because of higher than expected claims costs and a longer duration of paying those claims that was anticipated when this product was originally priced. It also noted that the interest it is receiving on its investments earmarked to pay for future claims is lower than expected." What does that really say, Well, for the 600+ people who purchased their... Read More
I purchased a MedAmerica LTC policy in 2009 with a 10-year payment plan based on a recommendation from my insurance agent. After reading the reviews here, I am so very glad that I did. For the first 8-years my annual payment was $2,638; but, my annual payment was increase to $3,324 for the final 3-years. My policy is for an initial $200,000 life-time benefit increasing by 5%/year (simple interest) until it reaches a $400,000 life-time benefit. I plan to use this policy in addition to my Alliance LTC policy, to increase my covered expenses in excess of $158,000/year by age 75. I am concerned that MedAmerica has exited the LTC insurance; but, time will tell if they stand by their... Read More
MedAmerica LTC Insurance appears to be a clever cash scheme targeting older people wanting to protect their assets. This insurance is 100% company centered and not policyholder centered. State insurance regulators did a very sloppy vetting of this company financial condition they were not solvent for the long term, thus huge premium rate increases. To keep from being responsible MedAmerica exits the LTC marketplace having captured policyholder premium dollars before claims are submitted
So, I am looking at 3 reviews, two of which seem to be written by by two people who are disgusted with MedAmerica. The third looks to be written by MedAmerica, I'll let you figure which is which. This, the 4th review then and 3 out of 4 will now fall into the 'disgusted' category. I purchased long term health insurance 12 years ago when I was 48 with the understanding from my agent that it was important to 'get in now' so that my low rates would stay similar throughout my life time. Now 12 years later after not paying other bills (my kids student loans) I find out that they are raising my rates by 77%. Frankly, this is ludicrous. The reasons they gave me are all practical but should have... Read More
Stay Away. I've been a member for 10 years and premiums have increased twice in the last 5 years. 1st time approx. 50%, 2nd time 90%. They sold me this insurance when it was low premiums and it made sense at the time but now that as I get older they've raised the premiums to a point a can't afford it. It's away for them to get you out before they have to pay. My opinion is it's a scam and this is a warning to future participants beware of MedAmerica Long Term Care Insurance. I don't recommend it!
Don't get it. It's a rip off. I've been putting into this company for 10 years and they raised the premiums twice almost 90 percent both times. I started out paying about $74 which I thought was pretty good when I was 45 years old. About 4 years ago they raised ito $131.85. My wife talked me into keeping it because what the hell they didn't raised it for 5 years and it was the first time. Guess what? I just turned 55 years old and got another surprise. They're raising the premiums again. This time 87 percent, What? 87 percent! I was missed. Now my monthly payment is $245.89 a month not counting my wife's inwhich her's also was raised. Now I'm paying over $400 a month on the... Read More
Unfortunately this information is outdated. MedAmerica is a Partnership plan in many states. Lifetime coverage hasn't been offered in several years and the waiting period options include 365 days. I have worked closely with MedAmerica since 2003 on many cases and it is a wonderful company to do business with. MedAmerica made a responsible decision to stop selling individual policies recently but that decision was made in order to continue to provide excellent service and most importantly, to manage the book of business responsibly in order to pay claims. My husband and I have MedAmerica policies and we are not worried at all about MedAmerica's ability to pay our claims someday.