Got a notice in the mail today that the Long Care Insurance program is being terminated effective May 31, 2024.
Then it says that coverage will continue through a direct relationship with your insurer.
What does that mean? I was paying $595 every 6 months for this coverage as a retiree. I guess that means I will now have to find my own long term care insurer, which may be much more expensive, since I am assuming AT&T was subsidizing it somewhat before.
Anyone have insight on this change?
JH returned my check and do not have any information on who to call at AT&T
Although they kept telling me I would be covered. 🤪🤪
Benefits at the new sbc?
Grab a bean dip can, claim a corner, dress up in your street finest and shake the can at 308 S. Akard as though your life depended on it.
Right. Look at the economics of you paying $5400 in premiums over a 5-year period, to get 90 times that paid out for long term care.
This is why it's not really offered anymore. The insurers can't afford to cover it. For every person who gets their full payout, over 100 people do not.
LTC is a HUGE rip off.
My sister has a policy through her LARGE employer that she has been paying into for decades.
The insurer recently cut the benefits significantly on their own. Now, the policy she has will not be enough to house her unless she wants to live on the street like a dr-g addict. She stopped paying, and gets NOTHING back.
Best to take a plane to the southern boarder and come in illegally, go to NY and get a free 5 start hotel and debit card every month.
If you are a citizen, as the previous poster stated, you have to totally deplete your assets before Medicaid kicks in. Medicare will only pay for VERY limited time.
If you have a few million in the bank, there may be some places that will take all your $ up front and let you stay, ie. they will accept Medicare, after your assets runs out. Of course nothing for your spouse. And of course, if the place changes their mind they give you a bus pass to the local homeless shelter. I have seen this!
Leg-T is/was Met Life. I've been direct pay since 2005, after a surplus. Got recalled and stayed direct pay.
Medicaid is only available if you are poor. You have to spend down your assets and this could leave a spouse with very few resources to contribute through retirement. LTC insurance makes sure you have resources to be comfortable. If you convent with Medicaid you may be very unhappy with your situation. You could be forced into poor conditions. I pay for LTC insurance because I know if I meet LTC I would pay almost anything to be comfortable. And most people in that situation would also give up almost anything to be comfortable. Medicaid is not something I want to “rely” on. I pay $850/year for 5 years and $450,000 in coverage. In the end it’s well worth it
https://www.thelayoff.com/post/@1psh+1rFvHycf
Leadership at T and HR never saw LTCI as a needed benefit since so many employees remain on payroll until reaching the grave.
This happened for active employees a few years ago. I've been direct billed by JH for a long time now. The cost did not change as a result of AT&T dropping out of the picture, as AT&T was never subsidizing the "benefit" to begin with.
YMMV, but where I live, rate changes only happen after the state approves, and they don't approve a lot.
It will stay with the current provider, they will get in contact with you and send you an adjusted bill which will probably be incredibly high
“ Since the policy was through John Hancock Insurance, we will probably be dealing with them after May 31st. Don’t know how this will affect the premiums.“
If you REALLY had to guess, how do you THINK it will affect your premiums?
Long term care insurance has become cost prohibitive for most people, even if you’re healthy. Fewer carriers even offering it anymore.
Hasn’t been offered to employees here for a long time.
Just have the VA provide your long term care like a real man.
Only joking! Medicaid is available to all.
Just another way the company is driving revenue, through cutting benefits. Soon what will they have left to cut?
Since the policy was through John Hancock Insurance, we will probably be dealing with them after May 31st. Don’t know how this will affect the premiums.