Arthur Rudnick
Guru
- 1,652
It was just announced that John Hancock is rolling out Custom Care 3, replacing Custom Care 2 Enhanced, in 35 states on May 2nd.
Here are the "Highlights"
Inflation Options:
1) CPI compound for life
2) CPI compound through age 75
3) 5% compound for life
4) GPO
All options, including GPO are at additional cost. GPO was automatically included in CC2 at no additional cost, if no other inflation riders were chosen. There is no 5% simple available
Spousal/Partner Discount:
There is a 30% spousal/partner discount (20% in NY) if BOTH apply, are BOTH approved and BOTH accept policies. There is no longer a discount for a married person applying alone.
Independent Provider:
CC2 paid for a licensed, independent provider who was not required to be affiliated with a home health care agency.
CC3 requires a licensed provider who IS affiliated with a licensed home health care agency, unless there is no licensed home health care agency within 40 miles of the policyholder's residence.
In that case, Hancock will pay for an independent licensed provider, at 75% of the benefit amount.
Elimination Period:
CC2 applied 7 days if during the course of a week, at least 1 day of home care services were used. CC3 is 1 day of home care services equals 1 day of satisfying the elimination period. And, these are Service Days, NOT Calendar days.
The software rates are not out yet, but I've been informed by reliable sources that CC3 will be 15% higher than CC2 Enhanced.
A personal comment:
CC2 Enhanced is one of the top 2 or 3 most expensive policies available, at least in NY. They now come out with a new policy, with less benefits at higher premiums. I'm not certain what these people are thinking. I have my own thoughts on the concept, but it's probably not to wise for me to share them on a public forum.
Here are the "Highlights"
Inflation Options:
1) CPI compound for life
2) CPI compound through age 75
3) 5% compound for life
4) GPO
All options, including GPO are at additional cost. GPO was automatically included in CC2 at no additional cost, if no other inflation riders were chosen. There is no 5% simple available
Spousal/Partner Discount:
There is a 30% spousal/partner discount (20% in NY) if BOTH apply, are BOTH approved and BOTH accept policies. There is no longer a discount for a married person applying alone.
Independent Provider:
CC2 paid for a licensed, independent provider who was not required to be affiliated with a home health care agency.
CC3 requires a licensed provider who IS affiliated with a licensed home health care agency, unless there is no licensed home health care agency within 40 miles of the policyholder's residence.
In that case, Hancock will pay for an independent licensed provider, at 75% of the benefit amount.
Elimination Period:
CC2 applied 7 days if during the course of a week, at least 1 day of home care services were used. CC3 is 1 day of home care services equals 1 day of satisfying the elimination period. And, these are Service Days, NOT Calendar days.
The software rates are not out yet, but I've been informed by reliable sources that CC3 will be 15% higher than CC2 Enhanced.
A personal comment:
CC2 Enhanced is one of the top 2 or 3 most expensive policies available, at least in NY. They now come out with a new policy, with less benefits at higher premiums. I'm not certain what these people are thinking. I have my own thoughts on the concept, but it's probably not to wise for me to share them on a public forum.