New Long-Term Care Insurer Offers Simplified Insurance Plans In Florida
December 15 will also mark the launch of MedAmerica's cash long term care insurance product, Simplicity ii, which is the highest independently-rated long term care insurance in the U.S.
"We have simplified long term care insurance by offering a cash policy that's easy to use," says Christopher D. Perna, president of MedAmerica. "Traditional long term care insurance is too complicated and limited to defined care services and settings that may not even exist when care is needed. We believe that the policyholder, not the insurance company, should control what services or care are received. Simplicity ii makes that possible."
After a Simplicity policyholder becomes benefit eligible, they receive monthly benefits distributed from their Cash Benefit Account. Their monthly cash benefit is prepaid and is guaranteed in full each month they remain on claim, whether or not they received services. A person can use the funds as they choose, no company approval is required. Cash Benefit Accounts are available in varying amounts from $100,000 to $1 million and can grow over time using various inflation protection options.
Policyholders have been notified that MedAmerica Insurance Company of Florida has assumed their MedAmerica Insurance Company contracts issued in Florida. There are no changes in coverage or premium as a result of this transaction. Only the carrier has changed.
MedAmerica Insurance Company of Florida (Home Office: Winter Park, FL), MedAmerica Insurance Company (Home Office: Pittsburgh, PA), and MedAmerica Insurance Company of New York (Home Office: Rochester, NY) are the long term care subsidiaries of Lifetime Healthcare, Inc., a $5 billion not-for-profit health insurer that finances and delivers health care to more than 2 million people. The administrative offices for all three carriers will remain at 165 Court Street, in Rochester, N.Y.