Knowing that Conceso went through a bankruptcy in 2002 I’m not too surprised that they have thrown up major blockades during the claims process. However, the article fails to offer a comparison of the claims process between different lines of insurance as National Underwriter brings up in an online article.
LTC consumer complaints for all major LTC insurance carriers was surprisingly low according to a LTC consumer complaint table. The range of complaints per 10,000 policies sold is from 0 complaints with a unit of Unum to 29 complaints for Conseco’s Conseco Senior Health unit. If these statistics are accurate then these insurers are doing an amazing job or there are many people unsatisfied with the companies and decided not to file a complaint.
The N.Y. Times articles speaks about several individual cases and goes to great lengths to spell out how awful some insurers are with their clients. I would be curious to know if any of our readers have had a bad claims experience with Conseco, Penn Treaty or any other LTC insurers. Please let us know also if you know of others who’ve been denied a claim or felt like they were be given the run around.
Nothing sells more newspapers than a story about mean-old-nasty-insurance-companies.
If 1,000 long term care insurance claims are paid, the newspapers will print the story about the 1 claim that was denied. That's the nature of the print media. It's been that way since Gutenberg.
Here's an interesting reply to this article that should be of interest to most:
http://www.ltcinsuranceshopper.com/
WW
Posted by: Anonymous | March 28, 2007 8:36 AM | Permalink to Comment