The Senior Health Insurance Company of Pennsylvania was a financially troubled long-term care insurer. The company had a $1.2 billion deficit when a judge reviewed its history. The judge cited underpricing of policies and overstating mortality as contributing factors to the financial mess. The company now has a $1.1 billion deficit, and it's unclear how this will affect policyholders. Read on to learn more about the senior health insurance company of Pennsylvania.
The insolvent Senior Health Insurance Company of Pennsylvania is a struggling health insurer that issued long-term care insurance policies for seniors in Louisiana. In 2003, the company stopped issuing new policies but is still charging premiums to its customers across the country. While the company was under the supervision of the Pennsylvania Insurance Commissioner, it has not been able to return to profitability and remains insolvent. Currently, it is violating state laws to increase premiums and reduce benefits.
The rehabilitator appointed by the state's Insurance Commissioner, Troy Downing, ordered the company to stop soliciting signatures from policyholders in Montana. Although SHIP is headquartered in Pennsylvania, the company also has offices in Indiana and Minnesota. The company's policyholders were sent election packets earlier this year, forcing them to choose between premium increases and severe benefit cuts. The average policyholder faces a 412% increase.
Senior Health Insurance Company of Pennsylvania has its headquarters in Carmel, Indiana and its administrative offices are in St. Paul, Minnesota. The company is based in Pennsylvania and administers a closed block of long-term care insurance policies. The company is registered in the state of Pennsylvania, but has offices in other states as well. Those who live in South Carolina may be able to receive benefits from the Senior Health Insurance Company of Pennsylvania.
The former Pennsylvania insurance commissioner Jessica K. Altman was appointed to oversee the company's rehabilitation, and she has the authority of its management and directors. While this plan will mean higher premiums, it is better than going bankrupt. Senior Health is still owed more than $3 billion in long-term care claims. Consequently, the company must find a way to get its finances back on track, and Altman will be a key part of that.
Insolvent long-term care insurer
The insolvent Senior Health Insurance Company of Pennsylvania (SHIP) is facing a tough road ahead. A judge has approved a rehabilitation plan for the insurance company. Although this will likely result in increased premiums and diminished benefits for policyholders, it is worth the effort to understand how the rehabilitation plan will affect you. Insolvent SHIP policyholders will have to choose from one of four basic options, which are detailed below.The insolvent Senior Health Insurance Company of Pennsylvania is a struggling health insurer that issued long-term care insurance policies for seniors in Louisiana. In 2003, the company stopped issuing new policies but is still charging premiums to its customers across the country. While the company was under the supervision of the Pennsylvania Insurance Commissioner, it has not been able to return to profitability and remains insolvent. Currently, it is violating state laws to increase premiums and reduce benefits.
Policyholder elections
A judge in Pennsylvania recently ruled against the Senior Health Insurance Company of PA, a company that went bankrupt in 2008. Ultimately, a state court appointed administrator had to choose between liquidation and rehabilitation, and the policyholder elections were the most favorable outcome. Liquidation would cost the state money to pay for claims, and rehabilitation would preserve the company for its policyholders. In a letter to policyholders, SHIP CEO Robert Lebowitz said that the plan was the best option for the state.The rehabilitator appointed by the state's Insurance Commissioner, Troy Downing, ordered the company to stop soliciting signatures from policyholders in Montana. Although SHIP is headquartered in Pennsylvania, the company also has offices in Indiana and Minnesota. The company's policyholders were sent election packets earlier this year, forcing them to choose between premium increases and severe benefit cuts. The average policyholder faces a 412% increase.
Locations of corporate office
The phone number for the corporate office of Senior Health Insurance of Pennsylvania is provided for free. Please note that if you call from a mobile phone, the communication provider may charge you for your call. The telephone number provided will connect you to the right person. Senior Health Insurance of Pennsylvania corporate offices are located throughout Pennsylvania. For more information, please see the map below. Also, check the company's website for the exact address and contact information.Senior Health Insurance Company of Pennsylvania has its headquarters in Carmel, Indiana and its administrative offices are in St. Paul, Minnesota. The company is based in Pennsylvania and administers a closed block of long-term care insurance policies. The company is registered in the state of Pennsylvania, but has offices in other states as well. Those who live in South Carolina may be able to receive benefits from the Senior Health Insurance Company of Pennsylvania.
Court-approved rehabilitation plan
A Pennsylvania state court has approved a plan for the rehabilitation of an insolvent senior health insurance company. The rehabilitation plan allows some policyholders to keep their current premiums and benefits. It has the potential to prevent the company from going into liquidation, which will severely curtail benefits. Liquidations are often accompanied by a reduction in premiums and benefits. States have guaranty fund associations that cap the benefits of failing insurers.The former Pennsylvania insurance commissioner Jessica K. Altman was appointed to oversee the company's rehabilitation, and she has the authority of its management and directors. While this plan will mean higher premiums, it is better than going bankrupt. Senior Health is still owed more than $3 billion in long-term care claims. Consequently, the company must find a way to get its finances back on track, and Altman will be a key part of that.
