Los Angeles; April 13, 2013 – Weiss Ratings recommendations of long term care insurance companies missed the mark according to one of the nation’s leading experts.
“Consumers today are aware of the importance of financial strength of the insurance company they select,” explains Jesse Slome, executive Director of the American Association for Long-Term Care Insurance. “It is unfortunate when information provided only creates added confusion.”
Slome was sharing thoughts with Florida-based insurance professionals as part of his regular long term care insurance industry update. “Weiss Ratings issues financial strength ratings on more than 19,000 institutions each quarter,” Slome acknowledged to the agents. “Their list of 21 recommended long-term care insurance is primarily composed of companies that no longer offer this important protection so any consumer using it will be highly frustrated.” The Weiss recommendations were published April 4, 2013. “They do acknowledge that insurers may no longer be offering coverage but when the majority of your listing are no longer in the marketplace, that will lead to consumer confusion,” Slome added.
The Weiss Ratings recommended long-term care insurance companies included Blue Cross Blue Shield of Alabama, Blue Cross Blue Shield of Kansas City, examples of two companies that have not offered long term care insurance for many years. The report also sites State Farm Mutual Automobile Insurance Company and Physicians Mutual, two companies that have more recently announced they are ceasing sales on a nationwide or specific state basis, Slome shared.
“There are about a dozen companies today offering long-term care insurance protection, ” Slome shared. Leading providers include John Hancock, Mutual of Omaha and Transamerica.”
Slome recommend that insurance professionals gain a comprehensive understanding and ability to help counsel and advise individuals. “Financial strength of an insurer is of course important but far more important is being able to provide an objective cost-and benefit analysis after comparing multiple insurers,” Slome noted. For long term care insurance ratings of companies or to connect with a designated specialist for no-obligation long term care insurance costs from a member of the American Association for Long-Term Care Insurance visit the organization’s website or call 818-597-3227.
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