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MedAmerica Long Term Care Insurance Review

Rating: 8 / 10 (Very good)
7 Customer Reviews - see all reviews
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MedAmerica for more than 2 decades has been providing long term care insurance in all states across the country. Unlike other companies who offer insurance instruments, MedAmerica sole focus is to provide long term care insurance. It does this by underwriting and reinsuring long term care policies through agents and business group plans.

 

Premium

Individual, tax qualified for 3 year comprehensive policy benefits for 60 year olds are at par with industry standards. The policy pays $100 as daily benefit and has a 3 month waiting period. Premiums are almost 20 percent more than the lowest similar plans reviewed.

MedAmerica also offers a 5 percent inflation-protected plan that helps you plan for future long term care. It protects your long term care benefits by increasing the amount of standard daily benefits by almost two-folds ($200). Yearly premiums are almost tripled but total benefits for 3 year plans are doubled.  

 

Plans Available

 

State Partnership

No

Individual

Yes

Group

Yes

Non-tax Qualified Policies

Yes

Tax qualified Policies

Yes

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Waiting Period – 1, 2, 3 and 6 months

Maximum Benefit Period – 2, 3, 4, 5, 6, 7 and lifetime

Home care – 100 percent cover

 

MedAmerica Long Term Care insurance utilizes the calendar method which makes it faster to determine waiting periods. The company is also flexible in terms of who provides care making it possible for you to include friends and family as care providers.

 

Financial Rating

A.M. Best – B++ Very Good

(The company has demonstrated very good overall performance and has a good ability to meet its obligations to policyholders over a long period of time.)

 

2010 figures show that MedAmerica has close to one and a half billion dollars in assets and $221 million in total revenues. It has been given a B++ or “Very Good” rating by AM Best. This might not be as strong as some of the other long term care insurance providers in our reviews but is still regarded as a company that is able to deliver its obligations over a long period of time.

 

Summary

By focusing on long term care insurance as its sole financial service, MedAmerica aims to develop effective solutions that are tailored to meet present and future long term care needs. However, it suffers from a less than ideal financial rating which makes it a little bit riskier compared to the other companies reviewed. But 2 decades of continuous service goes a long way in alleviating some of the concerns regarding its future financial outlook. 

 

  


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Latest MedAmerica Reviews

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J
James B
Anderson, South Carolina

8/8/2017
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


M
Mike H
Cypress, Texas

8/2/2017
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


D
dale j
Great Bend, Kansas

6/26/2017
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


P
paul m
La Grange, Illinois

2/27/2017
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


W
William F
Carmel, Indiana

11/21/2016
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!


W
William F
Columbus, Indiana

11/19/2016
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


P
Phyllis S
Hendersonville, Tennessee

1/31/2016
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.


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