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TransAmerica Long Term Care Insurance Review


Rating: 8.2 / 10 (Excellent)
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TransAmerica offers a variety of financial services and is considered as one of the top insurance services in the country today. The company aims to make long term insurance more available by providing a myriad of solutions that includes tax qualified and inflation protected plans to make it more affordable and effective.

 

Premium

Premiums are determined through a number of factors (age upon enrolment, type of policy and coverage) but after considering all of these, TransAmerica premiums are about 20 percent more than comparable plans.

Inflation protection is available but it is almost triple that of plans without inflation protection. Over the long run however daily benefits for inflation protected plans pays double. Daily benefits for non-inflation protected plans for example pay $100 but those with protection doubles this up to $200. An inflation protected plan at the end of the year could be $1000 more and at 15 years this totals to $15,000 but if the plan pays $200,000 in maximum benefits compared to $100,000 for non-protected plans then it gives $100,000 minus the $15,000 added payment of course which roughly translates to $80,000 more in benefits.

 

Plans Available

 

State Partnership

Yes

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 – 0, 1 month, 2 months, 3 months, 6 months

Maximum Benefit Period – 1, 2, 3, 4, 5, 6 years

Home Care – 100 percent cover

 

Financial Rating

A.M. Best - A+ Rating

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

 

TransAmerica provides cover for nearly 300,000 lives and pays over $1 million per day in claims. The company is considered as one of the most stable financial providers today. 1999 saw them partnering with AEGON, another leading financial service company.

 

Summary

TransAmerica Long Term Care insurance premiums may not be the cheapest but you could be sure that the company is able to provide solid solutions for your long term care concerns. The company offers a variety of long term care plans that could be tailored to individual needs and budgets. This makes it a good choice for people searching for a long term care plan that they could depend on.

 

 

 


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Customer Comments & Reviews

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Barrie L
Altlandsberg, Brandenburg
11/3/2017
My comment is very simple. I have been told numerous times that payments are being deferred as I live in a town affected by Hurricane Irma. As I travel for most of the year I have requested my payment be deducted, unfortunately this has not happened. When contacting the company you are put on hold, and then eventually cut off. After the seventh call this evening and waiting over an hour I have given up. I get the impression that Transamerica Long Term Care thinks I am a nuisance caller. Each time I call Ian asked to give my details, a few moments ago I talked to a very nice lady, and when I told her the issue, I was disconnected. I would be very concerned if I had an issue with... Read More


C
c. m
Modesto, California
10/31/2017
We have had this insurance for my Mom for almost 20 years and have had no problem because we were paying. However when my Mom needed to collect when she had to go into long term care the hassles began. There were constant delays in approval. It took well over 30 plus phone calls. We finally started to get the payments but payments were slow in coming and we had to stay on top of them with constant phone calls. Now with the last check they claim it must have gotten lost in the mail and will be delayed another two weeks thereby being almost a month late. By the way we have received 5 other pieces of mail from them during the month, but the only one lost is the check. In the interest of... Read More


J
Jo O
Maple Grove, Minnesota
10/23/2017
My parents have had TransAmerican Long Term Care insurance to years and paid their premiums until my dad needed to go into a nursing home in ND. TransAmerica did pay for his care and mom 's premiums were not required to be paid after he entered the nursing home which was good. However, My mom is now in what is called Assisted Living, and licensure in MN is considered inadequate by TransAmerica as the original document stated it was for nursing home care even though she receives the care required for long term care. However, the only kind of long term care the was nursing home care when they purchased policy. Very frustrating!


G
Going B
Louisville, Colorado
1/21/2017
My parents have paid on their policy for over 23 years. My dad now has Dementia and requires being in a Memory Care center for ALZ and Dementia patients. They have denied all claims saying it does not meet the policy guidelines for nursing home. A nursing home is not where he belongs and this facility does meet the guidelines, the only difference is State Licensing. This policy also says that many Intermediate Care facilities also meet this policy... but guess what, NO State licenses Intermediate Care facilities so that is a useless statement except it makes you feel good. Also all you can talk to is their customer service reps, you can never talk to anyone with actual authority... Read More



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