Long-Term Care Lawyer Says Conseco Insurance Puts
Seniors at Financial Risk
Says moving LTC policies into a Trust that could
financial ruin senior citizens
Sept.
25, 2008 - Conseco, an Indiana based insurance company, without notice
to policyholders has decided to move 144,000 Long-Term Care policies
into a Trust that could financial ruin senior citizens, according to
Frank N. Darras, who claims to be the nation's leading disability and
Long-Term Care insurance lawyer.
Attorney Darras has urged 144,000 holders of these
Long-Term Care insurance policies to protest immediately the creation of
this Trust. See
http://www.savemyltc.com/.
50-year old Baby Boomer earning $50,000, providing
four years of long-term care to a family member, could lose more than
$140,000 in wages, retirement plans, and social security
If you bought Long-Term Care policies from
American Travelers Life or Transport Life in the late 1980s to the mid
1990s and your policy is now being administered by Conseco Senior
Health Insurance Company, you may get cheated out of years of investment
and the benefits for which you so richly paid, according to a statement
on the Website.
"Without any notice or warning to these faithful,
premium paying seniors, Conseco has proposed creating a new Senior
Health Insurance Trust to uncouple a hemorrhaging block of business it
purchased from American Travelers and Transport Life in the mid-1990's,"
says Darras.
"The end of the comment period to the Pennsylvania
Department of Insurance is September 30, 2008."
According to Darras, Conseco has a history of
treating its Long-Term Care policyholders badly. Earlier this year, the
Pennsylvania Insurance Department found Conseco had violated insurance
claims handling practices and fined the company $32.3 Million. Acting
Pennsylvania Insurance Commissioner Joel Ario, defined the bulk of the
fine as "restitution to consumers who were harmed".
Now, however, the Pennsylvania Department of
Insurance appears to be working with Conseco to approve this Trust,
according to Darras.
The timeline started in an August 11 Conseco
conference call and the deadline for commentary is September 30th.
"What's the rush?" asks Darras.
"Conseco wanted to be the industry leader in
Long-Term Care. Now it's time for the company to honor what it sold. It
looks as if the company is attempting to spin off an eleventh hour
Trust, without notifying the very policyholders that will be affected
and that is wrong," he says.
Conseco policyholders and all LTC policyholders are
urged to write or fax the Pennsylvania Insurance Department to weigh in
on this very important Trust, according to Darras.
Darras, an attorney, is managing partner of
Shernoff, Bidart, Darras, Echeverria, LLP, in Ontario, California. He
has been recognized by Lawdragon as one of the 500 Leading Lawyers in
America, as one of the 500 Leading Litigators in America and most
recently as one of the top 500 Plaintiffs' Lawyers in America.
Sept.
25, 2008 - Conseco, an Indiana based insurance company, without notice
to policyholders has decided to move 144,000 Long-Term Care policies
into a Trust that could financial ruin senior citizens, according to
Frank N. Darras, who claims to be the nation's leading disability and
Long-Term Care insurance lawyer.