Penn State offered a Long-Term Care group plan in 2010 through John Hancock. Approximately 2,000 employees and retirees took advantage of this offering and enrolled in the plan. At that time, a 5-year rate guarantee was put in place for those enrolled. The 5-year rate guarantee expires December 31, 2014.
Since that time, John Hancock conducted an extensive study that determined the need to implement a rate increase for its long-term care insurance policies and has completed the regulatory process in Pennsylvania, where Penn State’s policy is issued. As of January 2012, John Hancock no longer offered a group plan. Additionally, all other “group” carriers have withdrawn from the group market and at this time, “individual” long-term care plans are the option for those interested in this type of coverage.
Effective January 1, 2015, those Penn State faculty, staff and retirees who belong to the John Hancock group plan will experience a premium rate increase. John Hancock will be communicating directly with those individuals in early October about their own specific rate increase, as well as alternatives to mitigate or reduce the premium rate increase. John Hancock will have a dedicated customer service unit that will be available after the October communication has been released.
Current John Hancock members and all other faculty and staff who may be interested in learning more about the long-term care plans available through the “individual” market may contact the following long-term care brokers:
Kenneth Dean Johnson
2125 East College Avenue, Suite 101
State College, PA 16801
Overview of Coverage (Current Enrollees Only)