ALLENTOWN, Pa., July 7 /PRNewswire-FirstCall/ -- Penn Treaty American Corporation announced today the launch of Simple LTC Solution(SM), a revolutionary long term care insurance product.
Simple LTC Solution(SM) is the Company’s answer to the industry’s increasingly complex and high- priced long term care insurance products. This product is intended to cover the “basics” of home and facility care services without the numerous add-on benefits that clients may not need or want, but which are built into the price when they purchase other long term care insurance policies. With Simple LTC Solution(SM), the client only needs to make two selections -- a daily benefit amount and inflation coverage. It really is that simple. The product also includes a 20% co-payment feature frequently seen in other forms of health insurance.
William W. Hunt, President and CEO, stated, “As the industry has felt the pressure on sales imposed by higher prices and increasingly complex products, we believe that Simple LTC Solution(SM) is the right approach to lead the industry through these challenges. Penn Treaty is the first long term care insurance company to market such a unique product and we are continuing our 30 year history of introducing innovative products for long term care.”
Derrick Brickhouse, Vice President, Sales and Marketing, stated, “There is nothing like Simple LTC Solution(SM) in the industry today. Based on the positive responses from our field marketing organizations and consumers, we believe that this new product will have a significant impact on the way long term care insurance polices are sold in the future. Simple LTC Solution(SM) is easier to understand and more affordable -- without all the bells and whistles. The unique features of this policy enable us to offer meaningful coverage at premiums that are significantly less than the traditional comprehensive policy.”
Simple LTC Solution(SM) provides core benefits including nursing facility, assisted living facility, home care, adult day care, alternative plan of care, and bed reservation. The product is built with an automatic deductible, 20% co-payment, and lifetime maximum pool of dollars that is 1,250 times the daily maximum. This simplified, more affordable policy comes in both tax-qualified and non-tax qualified versions. Simple LTC Solution(SM) is currently available in 26 states.
The Company, through its wholly owned direct and indirect subsidiaries, Penn Treaty Network America Insurance Company, American Network Insurance Company, American Independent Network Insurance Company of New York, United Insurance Group Agency, Inc., Network Insurance Senior Health Division and Senior Financial Consultants Company, is primarily engaged in the underwriting, marketing and sale of individual and group accident and health insurance products, principally covering long-term nursing home and home health care.
Certain statements made by the Company in this press release may be considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. For additional information and risks related to the Company, please refer to its reports filed with the Securities and Exchange Commission.
Penn Treaty American Corporation
CONTACT: Derrick Brickhouse, Vice President, Sales and Marketing, PennTreaty American Corporation, dbrickhouse@penntreaty.com, +1-800-222-3469
