The John Hancock Long Term Care Program recently informed the PSC Welfare Fund that new enrollments for this voluntary coverage will be discontinued effective January 1, 2012. If you are already enrolled in this program, this message does not pertain to you. However, if you have been considering long-term care insurance, now is the time to act.
Due to the low interest rate environment that is expected to continue, John Hancock has advised PSC that they are no longer accepting new business. John Hancock has decided to exit the long-term care market, along with a number of other insurance companies, such as MetLife and some BlueCross BlueShield groups.
This announcement from John Hancock changes your Welfare Fund benefit options. Long-term care insurance will not be available to new enrollees beginning January 1, 2012. If you wish to apply for this group long-term care insurance coverage, your application must be postmarked no later than December 31, 2011. Applicants who are not applying within 60 days of their initial hiring date must complete evidence of insurability.
Please note, the decision to not accept new enrollees does not in any way effect employees or dependents already enrolled in this program. John Hancock will continue to provide ongoing service to current policy holders.
If you have any questions, please call John Hancock Long Term Care Program toll-free at 888-513-2071.