“7 Reasons New York’s $26M John Hancock LTCI Action Matters for Advisors”

“7 Reasons New York’s $26M John Hancock LTCI Action Matters for Advisors,” by Allison Bell, ThinkAdvisor


Quote:

“State Medicaid could start to go after insurers and other financial services companies that fail to live up to agreements with people who end up using Medicaid to pay nursing home bills.

New York state insurance regulators raised that possibility last week, when they announced a $26.3 million consent agreement with Manulife’s John Hancock unit.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Good luck with that! Medicaid will need to do a much better job than it has with estate recoveries. Especially since the presumption that LTC insurance didn’t pay when it should have is nearly always wrong.