Important Update: January, 2012
Penn State's group Long-Term Care insurance carrier, John Hancock, has just informed us that enrollment for new group long-term care policies will be discontinued effective January 1, 2012.
This decision does not in any way affect employees or dependents who already use this coverage. John Hancock will continue to provide ongoing service to those currently enrolled in their long-term care insurance program. Current policyholders are protected and will not see any changes to their coverage or premium schedule.
Penn State has a 5-year rate guarantee in place with John Hancock, so our current rates will remain in force until December 31, 2014.
John Hancock attributed their decision to the low interest rate environment in the U.S. that is expected to continue for an extended period of time. So they have made the prudent business decision to stop selling new group long-term care policies in January for the immediate future.
We will continue to monitor this situation and will keep this website updated.
- Overview of Coverage (Current Enrollees Only)