The Texas Employees Retirement System (which administers health benefits for community and technical college educators) will lose its long-term care provider soon. Here's the official announcement. If you already have a contract with John Hancock, your coverage will not be affected, but the company is terminating the arrangement in the future. Later this year, ERS will issue a request for a new provider.
Many individuals choose to purchase long-term coverage to help pay for costs associated with nursing care. There are arguments pro and con about such coverage, and a wise decision may depend upon an individual's financial situation. Those who apply for such a plan can be denied based on health issues. Premium rates should also be examined carefully and are dependent upon age.
Here is a "Shopper's Guide" from the Texas Department of Insurance.
The key points from ERS:
Our group Long-Term Care Insurance provider John Hancock Life Insurance Company recently informed ERS that enrollment for this coverage will be discontinued effective January 1, 2012. John Hancock will not accept new enrollments after December 31, 2011. If you wish to apply for Long-Term Care Insurance through John Hancock, your application must be postmarked by December 31. If you apply for coverage before December 31, and you are accepted for coverage, your premiums may increase in the future.
Closing enrollment to new enrollees does not in any way affect employees or dependents who already have Long-Term Care Insurance coverage through John Hancock. If you have questions about this decision or your Long-Term Care Insurance coverage, please call John Hancock at (800) 400-9396.
ERS will issue a Request for Proposal for a new Long-Term Care Insurance provider later in the year.
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