Thank you for the excellent analysis by Tammy F. It helped me put this ridiculous increase into perspective.What I found most interesting is when I called the LTC folks who are John Hancock employees or contractors I was told the options presented to me were specific to me and that the options presented to me were different than those presented to others. Yet Tammy was offered the same exact percentage cost of living adjustments as I was. The rep told me they could create a custom quote but when I asked for a 4 year policy period he couldn't offer that period nor a 42 month period. So much for custom! I enrolled when the program was first offered (I was 48) and this is my second premium increase. My policy has a 5 year period and a daily benefit $282 which would not cover the cost of a LTC facility or assisted living in San Francisco where I live. To maintain my current coverage the premium goes from $157 a month to $341 a month (117 percent increase). To take the 3.9% option the increase is from $157 to to $246 and to maintain my current premium i get a 2.2% cost of living adjustment. I am going with the 3.9 percent adjustment as the 5 percent is no longer affordable for me. One thing they don't tell you unless you force the issue is if you reduce coverage now, you are forced into underwriting review and acceptance if you ever want to increase it back to the previous level and premiums would be based on prices at that time which is contrary to my understanding of what was sold to me. Hope this info is helpful. Thanks
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Posted by: Joseph Jung <imagine366@yahoo.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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