MedAmerica Long Term Care Insurance Review


Rating: 8.5 / 10 (Excellent)
17 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.)

How is MedAmerica rated?

Breakdown

10/10
Claims & Benefits
9/10
Policies & Coverage
6/10
Financial Strength
8/10
Reputation

Overall Rating: 8.5 / 10 (Excellent)

MedAmerica is a highly respected company in the long term care insurance market, and provides a wide range of policies and options. They offer all standard long term care insurance features, plus bonuses like a waiver of premium rider, which allows claimants to stop paying premiums once they begin enjoying benefits. (Note: As of February 2016, MedAmerica no longer offers long term care insurance policies. Current policies are still in effect.)

Policies & Coverage

Policies & Coverage - 9 / 10

MedAmerica offers a wide range of policies, including plans that the policyholder can design to fit his or her needs. It covers all standard types of care, including in-home care and assisted living. Inflation protection riders are also available.
Policy Types
Individual / Standard
State Partnership
Group
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Waiver of Premium

Inflation Protection

Compound Inflation 5% Annually

Claims & Benefits

Claims & Benefits - 10 / 10

MedAmerica has a very wide range of options for their long term care insurance policies. Policyholders are able to customize their policies to fit their specific needs.
Maximum Daily Benefit Limit
$400 per day
Lifetime Benefit Period
6 years
Elimination Period
MedAmerica offers Calendar Day and Service Day elimination periods of 30, 60, 90, 100, 180, or 365 days.
Eligibility Requirements
Activities of Daily Living Limitations

Financial Strength & Ratings

Financial Strength - 6 / 10

MedAmerica enjoys an A- rating from Standard & Poor's. They are backed by their parent company Lifetime Healthcare.
Underwriter
Lifetime Healthcare
Standard & Poor's Financial Rating
A-
*The above information reflects the financial strength of the underwriter of the MedAmerica long term care insurance policies: Lifetime Healthcare.

MedAmerica Reputation

Reputation - 8 / 10

MedAmerica enjoys a good reputation in the long term care insurance industry. Experts regard their Simplicity policy as one of the best long term care insurance policies in the market. Online reviews are also generally positive.
Date Collected
2017-12-15

Contact & Additional Information

Company Type
Underwriter
Year Founded
1987
Homepage URL
Company Phone
(800) 544-0327
Headquarters Address
165 Court Street, Rochester, NY, 14647
Mailing Address
165 Court Street, Rochester, NY, 14647

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17 Customer Comments & Reviews

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D
Donna V
Newark, New Jersey
5/19/2018
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


P
Patty E
Atlanta, Georgia
5/11/2018
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!!!


E
Esther F
Newark, New Jersey
4/23/2018
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.


H
Harverts
Boston, Massachusetts
4/9/2018
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


H
Harverts
4/9/2018
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


S
susan f
Los Angeles, California
4/9/2018
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)


I
Irene
Newark, New Jersey
4/9/2018
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.


L
Lisa
Liverpool, New York
4/7/2018
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.


D
dale j
Great Bend, Kansas
3/1/2018
BUYER BEWARE MEDAMERICA LONG TERM INSURANCE IS FAKE THEY JUST WANT YOUR DOLLARS . ELDERLY PEOPLE ARE EASY TARGETS, PUT YOUR $ WHERE YOU CONTROL SAME.


L
L B
Latham, New York
2/19/2018
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.



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