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Colorado PERA's Long-Term Care Program
Colorado PERA is pleased to announce that effective May 1, 2009, Colorado PERA's long-term care insurance program is available through MetLife (Metropolitan Life Insurance Company). Retirees,active and inactive members, and their family members are eligible to apply for MetLIfe Long-Term Care Insurance with reduced underwriting and discounted rates at any time.
Initial Offering Period (Open Enrollment) for Active Members; May 1, 2009–October 31, 2009
Colorado PERA has negotiated an initial offering period (open enrollment) May 1, 2009, through October 31, 2009, for active members of Colorado PERA who are actively at work, age 65 and younger, working at least 30 hours per week, and applying for coverage within benefit limits. The initial offering period allows active members to take advantage of easier health qualifications by answering only five health questions on the application.
Long Term Care Financial Partners (LTCFP) Provides Long-Term Care Educational Program
To help educate Colorado PERA members and retirees about long-term insurance, Colorado PERA has selected LTCFP as its educational partner. LTCFP will be presenting a comprehensive educational program to help Colorado PERA members and retirees understand their options and determine if long-term care insurance should be part of their own financial plans. If you would like to attend a seminar to learn about long-term care insurance, please review the schedule of the upcoming long-term care seminars. PERA and LTCFP are also in the process of mailing information about the program and upcoming meetings to members and retirees at their home addresses.
For more information:
About PERA's Long-Term Care Program
In January 1998, PERA began offering a Long-Term Care Program for members, retirees, and their eligible family members. Currently, long-term care insurance is offered through Metropolitan Life Insurance Company (MetLife). MetLife is a recognized leader in the long-term care insurance industry and has consistently received high ratings from the financial rating agencies for its ability to meet policyholder obligations. These ratings take into account factors such as overall financial picture, management strength, financial reserves, and claims-paying history. To view MetLife's most current ratings, visit www.metlife.com/about.
You and your eligible family members may apply for coverage with reduced underwriting and discounted rates at any time. each long-term care policy is a fully insured and individually underwritten policy, thus an application must be completed and accepted by MetLife for each individual requesting insurance.
To help educate PERA members and retirees about long-term care insurance, PERA has partnered with Long Term Financial Partners (LTCFP), one of the nation's premier experts in long-term care planning. LTCFP is able to provide you with all of the information you need to determine if long-term care coverage is appropriate for you and to assist you with all aspects of the MetLife Long-Term Care Insurance program enrollment process.
If you would like information about this coverage and to make an appointment with an insurance agent that can guide you through the enrollment process, please call 1-888-PERA-LTC (1-888-737-2582 or visit www.metlife.com/about.
Note that Colorado PERA members and retirees with existing long-term care policies (see Closed Long-Term Care Plans below), purchased either through Colorado PERA's program or individually, may want to attend an educational seminar and/or meet with an LTCFP representative. LTCFP can help compare the existing policy to options now available through MetLife. No existing policies can be transferred to MetLife, but new policies could be purchased to replace existing policies.
For more information, interested Colorado PERA members and retirees may:
Closed Long-Term Care Plans
From January 1998 through July 1999, MedAmerica was the insurer for Colorado PERA's Long-Term Care Program. If you have a long-term care policy with MedAmerica, please contact them at 1-800-500-9794 ext. 4135 if you have questions about your policy.
From August 2000 through October 2008, Penn Treaty and American Network Insurance Company (ANIC) were the insurers for Colorado PERA's Long-Term Care Program. If you have a long-term care policy with Penn Treaty or ANIC, please contact them at 1-800-362-0700 if you have questions about your policy.
On March 13, 2009, Penn Treaty and ANIC were placed into rehabilitation by Orders of the Commonwealth Court of Pennsylvania. These rehabilitation orders place the companies under control of Pennsylvania Insurance Department in order to oversee the financial situation, stabilize current operations, develop a rehabilitation plan to maximize the protection of policyholders, and plan for the companies' future.
Colorado PERA will continue to monitor the situation and update members as new information is received. At this time, it is important to note that claims for benefits will continue to be processed and paid; however, you must continue to make premium payments to Penn Treaty or ANIC to keep your policy in force. Failure to make your payments will result in discontinuation of coverage under your policy.
Current policyholders should call Policyholder Services at 1-800-362-0700 for inquiries regarding the policyholder's premium, policy, or claim. For any questions concerning the rehabilitation, call the Pennsylvania Insurance Department's Office of Liquidations and Rehabilitations at 717-787-6009.
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