Several producers who sell long term care insurance say they have not seen the kinds of claim payment problems described Monday in a front-page article in The New York Times.
The Times article focused mainly on complaints about 2 large LTC insurance carriers and reported that overall complaint rates for other large LTC carriers are much lower.
Here at an LTC insurance conference sponsored by the Society of Actuaries, Schaumburg, Ill., producers in attendance talked about their own experiences with the LTC claims process.
Cameron Truesdell, chief executive of LTC Financial Partners L.L.C., Kirkland, Wash., says he has had few claims denied.
“I’m not saying some companies don’t have issues, but companies like Genworth, MetLife, Hancock and Travelers aren’t the problem,” Truesdell said. “They bend over backwards to pay claims.”
Christine Crowley, a Colorado-based partner in Truesdell’s firm, said that “in every industry, there’s a bad egg.” But Crowley said she thinks one carrier cited in the Times article for high claims denial got a bad rap.
The carrier “got into financial trouble because they pay so many claims,” Crowley said.