MedAmerica Long Term Care Insurance Exits LTC Market
Last updated: August 28, 2017 at 10:45 am
LTC Insurance Sales Ceased
MedAmerica Long Term Care Insurance Companies ceased sales of their long term care insurance and short term care insurance products, as of February 15, 2016. The company says they will continue to administrate these policies across all 50 states in the country.
Even though there is incredible need and demand for long term care insurance products, various financial conditions have profoundly affected the whole long term care industry, as indicated by LIMRA. Of considerable note, is the low interest rate policy affecting the country and its negative effect on investment returns. As a result of these factors, MedAmerica made the tough decision to exit the long term care insurance arena.
MedAmerica Long Term Care Insurance Commitment
Moving forward, MedAmerica tells us they will concentrate their assets on giving their existing long term care insured’s the most ideal support possible, delivering on their long term care insurance obligations and providing those families the financial protection promised. This financial protection, promised to all the families who purchased MedAmerica long term care insurance will proceed without interference.
MedAmerica will inform all long term care insurance producers of this change by mail, in adherence with the typical 30-day notice (90-day notice in Pennsylvania) of termination of agreement. Every single producer contract with MedAmerica will end on February 15th, 2016, except for Pennsylvania which will end on the 15th of April 2016. Be aware that the final application date for all states will be February 15, 2016.
MedAmerica Long Term Care Insurance Companies have expressed their genuine appreciation for the numerous years of affiliation we have enjoyed. Likewise, we genuinely value the support, business, and unwavering devotion MedAmerica provided the long term care insurance business over its 28 years in the business.
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