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Only the Beginning
By Dr. David Edward Marcinko; MBA, CMP™
[Publisher-in-Chief]
As a Certified Financial Planner™ and licensed insurance agent for more than a decade, I am aware of how much the industry is promoting long term care insurance [LTCI] as one solution to the aging baby boomer crisis. And, there is no doubt that a legion of agents and “advisors”, along with readers of the Medical Executive-Post, are aware of the fat commissions these products produce. Of course, I have been criticized for opinions against this product for some time now, along with a philosophy of personal accountability.
Only the Beginning
And so, it is no surprise that Penn Treaty American Corporation [PTAC], a long-term-care insurance company, recently said it would stop issuing new LTCI policies. PTAC said its primary insurance subsidiary will be considered insolvent unless it can raise at least $100 million by January 1st, and that it will accept letters of interest from prospective investors and purchasers through mid-October, while deciding on a course by the end of the year.
Assessment
According to the Philadelphia Inquirer on October 4, the company needs about $100 million to $120 million to cover reinsurance agreements it intentionally dropped because the cost to keep them was more than the value of the agreements.
Conclusion
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Filed under: Health Insurance, Insurance Matters, Retirement and Benefits | Tagged: LTCI | 15 Comments »
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