A health insurance company unit has set up a subsidiary in Florida that will focus on writing and selling long term care insurance.
MedAmerica Insurance Company, a unit of Lifetime Healthcare Inc., Rochester, N.Y., has formed MedAmerica Insurance Company of Florida, Winter Park, Fla.
Lifetime is the parent of Excellus Blue Cross Blue Shield in New York state, and the MedAmerica unit is known for selling the Simplicity family of LTC insurance.
MedAmerica is setting up a Florida subsidiary to take advantage of the LTC insurance market opportunities in that state, MedAmerica says.
The new Florida subsidiary will assume existing MedAmerica contracts issued in Florida. That change will have no effect on coverage or premiums, MedAmerica says.
In related news, MedAmerica reports that it will start selling the Simplicity ii LTC insurance policy Saturday.
Once insureds become eligible for benefits, they receive monthly, prepaid cash benefits for as long as they remain on claim, MedAmerica says.
Claimants can use the benefits however they want, without seeking company approval, MedAmerica says.
Initial benefit amounts range from $100,000 to $1 million.