With the Economy and Large Financial Giants Failing, What Happens to Conseco’s 144,000 Long-term Care Policyholders?
The Conseco (NYSE: CNO) Senior Health Insurance Trust that affects current long-term care policyholders and shareholders will be discussed by Frank N. Darras, on Tom Woodruff’s hour long radio show Tuesday at 1 PM Eastern (10 AM PST). He will also take questions from callers.
According to Darras, the deadline of September 30 is fast approaching and policyholders need to know they may lose it all. “It is time to stand up and be counted,” says Darras. “No one has alerted, contacted or warned my seniors they have a right to weigh in and be heard.” See http://www.savemyltc.com/.
At our web site and at this link, http://www.ins.state.pa.us/ins/lib/ins/conseco/037.pdf, shareholders and policyholders can review recent and important communications regarding this Trust. Here, the Pennsylvania Governor’s Office of General Counsel states, “There is no provision in the Insurance Holding Companies Act which requires that each policyholder be notified individually. To the contrary, policyholder participation is sought by way of public notice in the Pennsylvania Bulletin, the Commonwealth’s official publication for information and rulemaking.”
“That is a recipe for disaster,” says Darras. “How in the world are these affected policyholders ever going to know they are being shuffled off to an eleventh hour Trust if they aren’t told?”
Pennsylvania may not have a provision that requires notice to the policyholders but common sense and fairness to the elderly who have paid richly for this coverage should carry the day. What is the big rush? These seniors have been paying their premiums for years and have held up their end of the bargain. Why not let the policyholders ask their questions, pose their inquiries with the transparency they have been promised?
Tune in to listen to the radio live, at 1PM Eastern (10 AM PST) to find out what you need to know to protect yourself, your investment and to take action to prevent this precedent setting potential disaster.