Planning Tips and Carrier News for Advisors 

John Hancock Update

Posted by LTCI Partners | Feb 23, 2018 1:36:15 PM
John Hancock LTC Newslink

 

February 23, 2018

 

PRODUCT NEWS

   

Next round of in-force rate action notifications to take place in late March


In late March, we will begin policyholder notifications on the next round of John Hancock and Fortis policies impacted by the in-force rate actions, which will have an effective date beginning with anniversaries on or after July 1, 2018.

The 2016 rate action notifications will include John Hancock LTCI individual policies originally issued in Connecticut and Pennsylvania. Also impacted are John Hancock LTCI individual Interstate Compact approved policies in Maryland, Minnesota, Nebraska, Ohio, Pennsylvania and Utah. The 2013 rate action notifications will include Fortis LTCI individual policies originally issued in Illinois. Finally, we will continue the implementation of the 2013 rate increase in Delaware, Maryland, Mississippi, New Jersey and South Carolina for John Hancock LTCI policyholders who have received an initial “capped” or “phased-in” increase.

See complete details.
 

Partnership eligibility for Performance LTC (PLTC) policyholders in Virginia


After a recent review, the Virginia Insurance Department has changed the criteria for Partnership eligibility. As a result, Performance Long-Term Care policyholders with issue ages under age 61, and annual 3% Compound Inflation protection will now be eligible for Partnership under the Virginia Partnership for Long-Term Care Program, as long as the policyholder continues with the annual 3% increases. We will be communicating to these policyholders next week, informing them of this change, and providing them with a Partnership Disclosure Notice to keep with their records.

 

Performance LTC (PLTC) declared crediting rate change


Effective March 1, 2018 the declared crediting rate for inforce PLTC policies will change.  For national PLTC policies the declared rate will reduce from 6.00% to 5.70%. For PLTC policies issued in New York, the declared rate will reduce from 5.75% to 5.45%. PLTC policyholders’ Annual Statement will reflect this change.


 

   
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For financial professional use only. Not for use with the public.
Long-term care insurance is underwritten by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and in New York by John Hancock Life & Health Insurance Company, Boston, MA 02210.

 

 

 

 

Topics: John Hancock

Written by LTCI Partners

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