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Expert Says Conseco Trust May Significantly Alter The Senior Health Care Market
Date:10/27/2008

ONTARIO, Calif., Oct. 27 /PRNewswire/ -- Baby boomers are turning 62 every seven seconds. Many are now questioning how they will manage their own health care in their senior years, says Frank N. Darras, the nation's leading disability and Long-Term Care insurance lawyer.

(Photo: http://www.newscom.com/cgi-bin/prnh/20070717/NYFNSC02)

Senior health insurance is sold as Long-Term Care. It has been sold and marketed to our grandparents with a rich promise of independent living. Nursing home care, assisted living and in-home coverage was the bait. Many of our parents and grandparents believed the promise and have shelled out huge premiums, for a lot of years. Unfortunately, big insurance failed to honor what they sold and seniors across America are in trouble, Darras says. See http://www.darrasnews.com.

Conseco is dumping over 144,000 policyholders into a self-destructing trust through the Pennsylvania Department of Insurance. Penn Treaty is hanging on but fighting with it's re-insurer. See http://www.savemyltc.com.

"Boomers beware, this is just the beginning," says Darras. "If the Conseco Trust succeeds, the template for other insurers to dump their poorly performing Long-Term Care blocks will be set in stone."

Boomers are beginning to understand the carriers' promise of peace of mind and security is bankrupt. If companies don't deliver on their promise to today's seniors, why would anyone believe they will deliver in 10-20 years, asks Darras.

"Don't get me wrong, there are still good companies making honest promises and delivering the benefits. New York Life has never raised premiums and does a wonderful job fairly evaluating claims. Unum has done a nice job on both the individual and the group side of good faith claim handling on Long
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SOURCE Frank N. Darras
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