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PSC-CUNY Welfare Fund members who participate in the John Hancock Long-Term Care group policy recently received a letter from Hancock notifying them that their premiums will increase at a rate of 5% to meet future claims obligations. It is important to know that this premium rate increase represents only a portion of the total requested rate increase Hancock filed with the New York Insurance Department. As a result, Hancock will be requesting further increases in the future.
How should you make a decision on Hancock’s offer? Naturally you will consider your personal finances and weigh a present drop of disposable income against the potential benefit if you someday require long-term care. You may be able to afford the premium increase, but you must also expect that your new premium may soon increase again.
We recommend that you review all options available to you (including paying the rate increase and any available benefit reduction options) to determine which option is appropriate for your needs and consult with your family members and other advisors. You may also wish to contact the State Health Insurance Assistance Program (SHIP) located in your state if you need additional counseling on determining your response. Please go to www.shiptalk.org and click on the Register button in the top right corner to find the SHIP location closest to you. In addition, you may also wish to contact your State Department/Bureau of Insurance if you need additional counseling on determining your response. Please go to naic.org/state web map.htm to find your State Department/Bureau of Insurance.
John Hancock customer service representatives are available to help you make a decision that best meets your personal needs. If you have any questions, please contact them at 844-270-0407, Monday through Friday, 8:00 a.m. – 6:00 p.m., Eastern Time. The TTY number for the hearing impaired is 800-255-1808.
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