Four Maryland insurance companies have requested steep premium increases that could double or triple annual costs for thousands of seniors relying on long-term care plans. State officials are reviewing the proposed rate hikes, which may take effect if approved. The changes would significantly impact affordability for vulnerable Maryland residents.
MedAmerica is exiting the long-term care insurance and short-term care insurance markets. The company will stop offering these products starting February 16, 2016. This move marks a full withdrawal from the insurance arena it has operated in for years.
Feb 2016longtermcareinsurancepartner.comNews article
MedAmerica Inc., the for-profit long-term care insurance subsidiary of Excellus BlueCross BlueShield, is stopping the sale of new policies. The decision affects its long-term care insurance offerings, though existing policies remain in effect. The move reflects a strategic shift in the company’s approach to this insurance segment.
MedAmerica Inc. acquires Combined Insurance Co.’s long-term care business for $70 million. The deal expands MedAmerica’s service offerings under its affiliation with Excellus BlueCross BlueShield. Combined Insurance operates in New York, where MedAmerica will integrate the acquired business.
