tag:blogger.com,1999:blog-8592935760351188044.post4615236317319548600..comments2023-06-24T06:28:26.465-05:00Comments on Boomer Woman Blog: Our Egalitarian Society & the Economic Down-turnMary Boldhttp://www.blogger.com/profile/02158557821399037664noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8592935760351188044.post-49423632666814125262008-12-05T11:00:00.000-06:002008-12-05T11:00:00.000-06:00I believe that the Pennsylvania Insurance Commissi...I believe that the Pennsylvania Insurance Commissioner concluded that it was in the best interest of the Conseco LTCi policyholders for PA to set up this trust, with the goal of more effectively serving the current and future claimants. <BR/><BR/>The PA Dept of Ins. is facing a very difficult situation with a different insurer that might need to go into conservatorship next month. I think the PA DOI's conclusion regarding the Conseco policies, is that a well-managed trust now is better than trying to mop up a big mess through conservatorship later. <BR/><BR/>At least by putting the policies into a trust, the Pennsylvania Insurance Commissioner can do a better job administering the policies, cutting costs, and paying the claims than Conseco Senior Health had been doing.<BR/><BR/>Insurance companies don't have the authority to "transfer policies into a trust". It was the PA DOI that had the authority to do this and approved it and they did it for the benefit of all present and future claimants holding the Conseco policies. They did it because Conseco Senior Health was on the road to insolvency. <BR/><BR/>As with any insurance purchase, it's very important to check the financial ratings of the LTC insurers you are considering.<BR/><BR/>Most of the leading long term care insurers have been in business for over a 100 years (and writing LTCi for 20+ years).Scott A Olsonhttps://www.blogger.com/profile/12244241218531636765noreply@blogger.com