John Hancock will continue to sell non-Partnership LTCI products in the state after that date, the company says in a notice issued Monday.
A state LTCI Partnership program gives purchasers of qualified LTCI policies a chance to use private LTCI benefits to increase the amount of assets they can keep if, at some point, they exhaust private LTCI benefits and need to draw on Medicaid nursing home benefits.
John Hancock did not say why it is withdrawing from New York’s Partnership market, but it said it made the decision after conducting a thorough analysis of its New York state LTCI business.
To buy New York state Partnership coverage from John Hancock, a consumer must sign an application by April 27 and get the policy to the company’s home office by May 4.
The decision to discontinue new Partnership product sales will not affect service or claim payment for existing policyholders, the company says.