Tuesday, April 20, 2010

Unum, IB and Long Term Care: Same Page?

Among other products, Unum sells Long Term Care insurance [full disclosure: I am licensed to do business with Unum]. This is a growing market (as "Boomers" age and as 50-something's start "getting it"), with decent competition among the top-tier carriers.

Now though, these private-sector companies face competition from the government.

Or do they?

An email I received from Unum's R.G. Peterson, a sales executive with the company, asks "How does the health care reform package affect Unum’s long term care insurance and other private plans?"

And that's a good question.

As we've previously pointed out, the so-called "CLASS" (Community Living Assistance Services and Supports) Act ostensibly offers a gummint-sponsored long term care plan. There are few details available as yet, but Unum has provided some much-appreciated clarity in the form of a downloadable "recap." One of the first things I noticed was that this coverage will apparently not qualify as a "Partnership Eligible" plan. And the rocket surgeons who've decided that the gummint is capable of designing its own version one of the most complex insurance policies extant can't even tell us how much such a plan will cost.

Try that in the open market.

Still, as Mr Peterson mentions (and as we noted some time ago), comparing a real plan to one from the government may be just the ticket to convince you (or someone you love) to start getting serious about this most important coverage.

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