MedAmerica reports lower 2013 net income

The Long Term Care Business of MedAmerica — a privately held company that specializes in selling long-term care insurance (LTCI) — posted a smaller profit for 2013 but higher revenue.

See also: LTCI Carrier Reports 2011 Results

The company, an affiliate of Excellus, is reporting $9.7 million in net income for 2013 on $258 million in revenue, compared with $15 million in net income on $252 million in revenue for 2012.

Premiums earned increased 6.3 percent, to $161 million, and the amount of LTCI benefits paid increased 4.7 percent, to $205 million.