Costs and Benefits of Transamerica Long Term Care Insurance
Costs and Benefits of Transamerica Long Term Care Insurance
ConsumersAdvocate.org
44 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from this partner. Learn more.
Transamerica Corporation is the holding company for several investment firms and life insurance companies operating under the Transamerica brand since 1928.
The corporation's insurance companies have received high ratings from all major U.S. credit rating services, including an A+ (Superior) financial strength rating with A.M. Best.
- Build your own long-term care insurance policy
- Coverage for individuals from 18 -79 years of age
- $50-$500 maximum daily benefit amounts
- Multiple elimination periods to choose from
- A wide pool of benefit approaches available in select states
Latest Transamerica Reviews
This is a wonderful company until you make a claim. My 96 year old mother paid this company more than $63,000 in premiums for long term care. This company brags that they make their determinations on claims within 3-6 weeks. That is a lie. As my mother's legal guardian, I filed a claim in August of 2016, because my mother had been admitted to a nursing home with dementia and heart failure. They sent a nurse out to visit with my mother and obtain all records in October 2016. My mother died in December 2016. This company did not make a determination on the claim until October 2017, when they refused to pay a penny of my mother's nursing home bill. They also denied my appeal and refused to... Read More
Dealing with this company is VERY frustrating. Trying to help my elderly neighbor because she is not able to do this on her own, she has paid for a long term care policy for years and now needs it. What's the deal Transamerica...…….. you take the money fast enough but when the time comes to cover your clients you drag your feet. Have you no shame!!!!!
This company is a scam on elderly. My mother has paid over $30,000. We began a claim for time spent in a care center back in September. It is now February, and they're still sending us paperwork. In reality, she will not be able to get decent coverage, because, even if she's receiving some benefits for current care needs, she still has to pay the premiums each month. Read the fine print. The claimant has to pay monthly premiums until they've been in an actual nursing home for 6 months! Most people don't live more than 6 months once they're in a home! Now, I can't get them to cancel her policy. I'm being ignored, and they're sending her bills for three month's coverage. Terrible.
It's readily apparent to this LTC Policy Holder (since 11/1999) the BBB Rating = C. ... I've placed calls four different times throughout the the past several months to get HELP ...(1). Guaranteed Purchase Option I letter dated November 13, 2017 prior to my anniversary in which I authorized to take returned form long before my deadline with yes and my quarterly premium included in the new amount on 12/27/17. (20 Price Increase letter dated 02/03/18 received early March. Since I reviewed had questions, needed help, started calling 1st April. After four (4) calls spaced apart until mid May I have no received NO HELP NO Quarterly STatement to pay my bill. Very frustrated with this... Read More
My father and mother purchased long term care policies in the 1980s from a company (which was later purchased by Transamerica). My mother went into a nursing home for dementia care and stayed several years until her death in 2004. During that time period I was able to call and speak to excellent customer representatives who were polite, professional, knowledgeable, and helpful. The policy paid benefits in a timely manner and I never had any difficulties or complaints with that previous company. At some point in time, Transamerica purchased the company which owned my father’s policy. In April 2017 my father was diagnosed with dementia and needed to move into a memory care facility.... Read More
I am having the same negative experience that other Transamerica people are having. My mother was misled when she started her policy in 1994 and has been paying on her policy all these years. Now that she needs the insurance it is almost impossible to receive benefits. Instead of the full coverage she was told she have, the company only offers $20. a day for in home care and $40. a day for assisted living. This is so little to help considering in home care was $40. an hour and we pay $5,000.00 a month for assisted living. (And did I mention that they will only pay this for 1 year???) But, with no other choice, we take what we can get.....if we could get it. I have been... Read More
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
We filed a claim approximately 3 weeks ago. Another company hired by Transamerica contacted us and stated they were hired for send a RN to evaluate the facility I would be staying at. This company called me today 5/30/18 and stated they were having a problem finding a contractor to preform the inspection. I live in Fresno
Ca in the middle of the central valley of California. Fresno Metro area including surrounding communities has
a population of close to 1 million people. I think this is a stalling technique to delay the claim.
Nancy D Eads, TN 3/18/2018 I have been having problems with TransAmerica Long Term Insurance ever since the premium increase took place. Although I did not get my option change letter in until about two weeks before the deadline, I still thought it would take effect. Of course that did not happen, and I was charged the higher premium on both policies, mine and my husbands, about a $65 increase for both. I immediately called the company and explained my problem. After being shifted around several times, being cut off and recalling, someone finally took my name and number to call me back. When I was called, I told them I wanted the error corrected and the money refunded to my... Read More
This insurance company should be investigated for insurance fraud. As some of the other reviewers have said, they are fine while you are paying them, but as soon as you want to collect on a policy that has been paid for 20 years, they try to make it as difficult as possible. We hire a firm... we needed to do a predetermination. We send them paperwork, they didn't receive it. We send it 2-3 times, they only had one policy number (here's a newflash Transamerica...it's 2017...it's called a computer and it is capable of searching a name...if only the people you hired weren't so dumb and improperly trained and unable to do a simple search). We do a predetermination and the firm doesn't... Read More
2- full years of not paying for my mother's long term care at The Presbyterian Community, the village. She does not meet the terms and conditions. That's what I call no care long term and after denying her claim because she can still brush her teeth and and she can shower by herself. Terms and Conditions, Very specific Illnesses that are not covered, the doctor that sent her to the Presbyterian community said that she needed to be in long term care with dementia and Alzheimer's. Long term care has never paid a dime for her care, she paid for Long Term Care,has not even gotten 1 day of care,. Denied, no reimbursement after 24 months their list of conditions are just ways to keep their... Read More
Do not buy this insurance we've been arguing with them for months about covering our grandmothers Home Care she paid them for 19 years and this is how she is treated absolutely ridiculous. If I could give zero Stars I would.
Horrible Customer Service. Nothing but delays on Alternative Benefit Payment requests and a complete runaround on receiving reimbursement for return premiums after the insured went on claim. The approved claim date was 4/19/2018, it is now nearly 6 months later and no correspondence or return premium received. The Customer Service reps never let you speak with a supervisor and any attempts to escalate are turned down and answered with the standard line "we are doing are best".
This company knows how to collect premiums but does not have reliable processes for servicing the policy when the insured goes on claim.
My mother in law paid the premiums on Transamerica's long term care insurance for 35 years.....huge expense. Then she was diagnosed with ALS and started to go downhill relatively fast. Transamerica not only denied all of our claims for CNA help (and our appeal), but I had to spend hours on hold every time I called (like every other day) and were forced to deal with the most incompetent customer service agents who are only trained to give you the run around. They spent 7 weeks deciding that they would not cover CNA care for my mother in law. She died two weeks after that decision. The last two weeks of her life we went without the CNA help we desperately needed adding incredible levels of... Read More
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
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!
My mother purchased a LTC policy in 1993 on the advice of a person who represented himself as a "financial planner", but in reality this person functioned only as an insurance salesperson. I mention that because this industry is filled with such people. All the alphabet soup credentials in the world do not change the fact that people who sell these policies ARE NOT objective and ARE NOT disclosing that fact to purchasers. Yet, consumers are NEVER told the truth or given any objective advice about the downside of these policies because....commissions are FAT! She never once was given any objective advice as to her financial situation or whether she even needed this policy. Oh,... Read More
I have been struggling with this company to pay a claim dating back to November 2018. I counted the letters I have received as of yesterday and it was 16 asking for more information. They also tell me I have fulfilled the EP requirements of 3 days hospitalization. Just so happens I was in the hospital and rehab from 10-12-18 to 11-09-18; I think that should qualify. Very, very dissatisfied with this company and their "customer service" (????) department.
One of the worst companies! My mother has had a policy for 25+ years and has always paid her premiums on time. Her policy guarantees reimbursement of home modication costs. This is the first time she has ever filed a claim. Despite submitting all the necessary paperwork and a letter stating that the necessary home modifications were required, the claim is being denied. TransAmerica itself told us all that was necessary was the letter from her doctor. There isn't a need for onsite assessment when a letter from her physician of more than 38 years provides more detail than a so called onsite assessment from someone who is not even guaranteed to have a medical background! TransAmerica... Read More
My wife and took out policies at age 60. Premiums increased after 7 years and after another 4 years. Now in 2017, 2018 and now 2019, we must pay more in premiums or take cuts in benefits. Not good. We are ready to drop them(now???).
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
My mother has TransAmerica LTC and paid for a full policy over the past 20 years. They recently bought Monumental Life LTC policies and house them under their company now. My mother now needs her policy and here is how it has gone so far in the past 5 days since we have tried to file a claim: Calls: 1. We need to start my mother policy; She is going into assisted care living because she can no longer take care of herself. She has been in the hospital for the past 3 months and will be released this week, but as per the doctors, she can not live alone. Needs full time custodial care. RESPONSE: Called and had to wait 1.5 hours for someone to pick up the phone. If you hang up, you... Read More
This company is a joke! I'd love to get a class action lawsuit against this company! I see that my mother is not the only one getting screwed around here. It's incredibly frustrating the fact that I have to call pretty much daily to find out where my mother's money is. They have said you'll get the money in "15 -20 days", which lifetime are they speaking of?
We have helped two aunt's make claims to Transamerica LTC insurance. One was a nightmare getting payments, the other received after elimination period, and though we have had several battles, they paid on the merit of three ADLs. With the change in AL providers due to sale of building and change of management, a nurse did not include one of the ADLs that had no break in service to our aunt. The Transamerica nurse came at that time and denied the claim. Rather than call the AL, we had to appeal, the doctor had to fill out a questionnaire, and we made multiple calls to customer service explaining what happened. The AL nurse could have quickly identified the problem and corrected it and... Read More
Having a terrible time with getting payments now 4 months behind. Say it will process in 15 days and nothing happens. Very frustrating