MedAmerica Long Term Care Insurance Review

Rating: 8.5 / 10 (Excellent)
17 Customer 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

Top Rated
Our Partner
9.8 / 10
  • Rated A+ by the BBB
  • Monthly cash benefits for spousal home care
  • Nationwide network of agents
  • Affiliated with top long term care carriers
  • Applicants between the ages of 30 and 79 will be considered for coverage.
  • Choose between multiple long term care insurance policies

Latest MedAmerica Reviews

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


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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!!!


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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


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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


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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.


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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.


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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.


J
James B
Easley, 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


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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


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paul m
Chicago, 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


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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!


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William F
Carmel, 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


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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.