Hancock to pull out of New York LTCI Partnership market

John Hancock Long-Term Care Insurance has told financial professionals that it is withdrawing from New York state’s long-term care insurance (LTCI) Partnership program market April 27.

John Hancock will continue to sell non-Partnership LTCI products in the state after that date, the company says in a notice issued Monday.

A state LTCI Partnership program gives purchasers of qualified LTCI policies a chance to use private LTCI benefits to increase the amount of assets they can keep if, at some point, they exhaust private LTCI benefits and need to draw on Medicaid nursing home benefits.

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About Partnership for Long Term Care

Promoting the idea of preventing long term care from financially devastating families by insuring for long term care with state Partnership qualified policies.
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