Save My LTC and Other Insurance Tips

Former Conseco Unit Settles Charges

2009-08-12T09:00:00.000-07:00

By TREVOR THOMAS
Published 8/11/2009

The California Dept. of Insurance has announced an agreement with Conseco Senior Health Insurance Company to pay $500,000 to settle charges the company mishandled a number of long term care claims between 2004 and 2007.

Conseco Senior Health, which was discontinued last year by its parent, Conseco Inc., Carmel, Ind., “showed a callousness or carelessness toward vulnerable policyholders” in denying valid claims unfairly, said California Insurance Commissioner Steve Poizner in a statement.

By converting the subsidiary into a new entity, the arrangement relieved Conseco of responsibility for 140,000 older LTC policies.

Poizner said a number of LTC insurance policy holders had complained that their claims were denied by Conseco Senior Health, which was placed in a trust last year under the Pennsylvania Department of Insurance and renamed as Senior Health Insurance Company of Pennsylvania.

The company’s claims-handling procedures were also “confusing and onerous” to many policyholders, whose average age is 80, Poizner said.

The order from the state DOI charged Senior Health with wrongfully delaying or denying payment of claims, failing to apply policy provisions fairly, requiring policy holders to provide unnecesary information to back their claims, and delaying responses or failing to answer inquiries from claimants as well as the state insurance department.

In addition to a $500,000 penalty, Conseco and will retroactively pay certain policyholder claims back to Jan. 1, 2004, along with interest at an annual 10% rate.

Conseco Senior Health Insurance Company was separated from Conseco in November 2008 and since then has been managed by a private trust under the supervision of the Pennsylvania DOI and run for the sole benefit of its policyholders.

A spokesman for Conseco Inc. noted that Senior Health now operates independently and that Conseco was not a party to the settlement.

“We understand, however, that SHIP [Senior Health Insurance Company of Pennslvania] believes that any errors that occurred during the period covered by the settlement were based not on willful intent but on inconsistent interpretation of policy terms under California regulations,” the spokesman said.

SHIP niether admitted to nor denied the department’s charges but agreed to the settlement “to put these matters behind the company and avoid further legal costs,” the spokesman said.

http://tinyurl.com/qdmkgs for more insurance articles

Conseco's Supplemental Insurance-Bad Idea

2009-02-24T10:52:00.000-08:00

Nation’s Leading Expert
Warns Against Purchasing Supplemental Insurance From Conseco

Ontario, Calif., February 23, 2009 – Less than 90 days after abandoning America’s elderly, Conseco Insurance is out with a “white paper” encouraging people to buy supplemental insurance policies, says Frank N. Darras, the nation’s leading disability and long-term care insurance lawyer.

Darras warns against purchasing a supplemental policy from Conseco. In 2008 alone, Conseco was investigated, charged and fined $32 million for not handling long-term care claims in a timely manner, not maintaining or properly documenting claims files and taking too long to respond to claimants. See www.darrasnews.com.
In addition, when the 40-state settlement with Conseco was reached with the Pennsylvania Department of Insurance, acting Commissioner, Joel Ario, stated the action was “necessary due to a pattern of consumer harm in the company's long-term care insurance business”, says Darras.

In August, 2008, without any warning to its policyholders, Conseco moved nearly 171,000 long-term care premium paying senior citizens into a self-insured senior trust that will diminish and lose its value as more and more elderly go on claim, says Darras. See www.savemyltc.com.

“Conseco had for years, underpriced and oversold their long-term care product. When long-term care started losing money, Conseco decided to use a legal loophole in Pennsylvania insurance law and dump faithful policyholders into this trust. The way it has been structured sets up seniors, on fixed incomes to pay multiple premium increases they cannot afford. Many seniors will be forced to lapse their policies after spending tens of thousands of dollars for this supplemental insurance,” says Darras.

Sadly, the company’s mission, stated on the website, has not been consistent with their treatment of policyholders. Conseco’s mission says, “to be a leading provider of financial security for life, health and retirement needs of middle market Americans.” America’s senior citizens have been duped and dumped by a company whose new catch phrase is “step up”, says Darras

“In many cases, supplemental insurance is a good bet and can be affordable for many families,” says Darras. “I always advise folks to make sound decisions and to research the history and financial health of a company before purchasing insurance. Why spend your hard earned premium dollars on a company that has failed to “step up” when it mattered most?”

For information on the Conseco Trust visit www.savemyltc.com or www.darrasnews.com or call 800-458-4577.

Insurer Casts Off Long-Term Care Policies

2008-12-09T09:53:00.000-08:00

This is a great piece that was in the Wall Street Journal on December 3rd.

By M.P. MCQUEEN

A major insurer has dumped a chunk of its long-term-care policies into an independent trust, putting tens of thousands of policyholders at risk of reduced benefits or big premium increases.

Conseco Inc. officials have said the transfer of many of the insurers' long-term care policies to a new state-supervised nonprofit trust, Senior Health Insurance Co. of Pennsylvania, allows it to concentrate on its core businesses. The policies were a drag on the company's earnings because they were underpriced and required continuing capital infusions to meet the long-term needs of policyholders.

The trust will pay claims from a pool of funds transferred to it from Conseco, including $175 million in capital. But A.M. Best Co., the insurance-rating firm, warns that the trust may need to raise rates and reduce benefits and has no access to additional capital. If the trust were to become insolvent, some policyholders might ultimately have to rely on the Pennsylvania state guaranty association to pay any claims, up to limits set by state laws, other experts said.
More than 140,000 owners of Conseco Senior Health Insurance Co. long-term-care policies across the U.S. are affected by the plan, which was worked out with Pennsylvania regulators. Conseco Inc. is headquartered in Carmel, Ind., but its Senior Health long-term care unit was based in Pennsylvania, making it subject to that state's regulators. The unit stopped selling new policies in 2003.

Pennsylvania Insurance Commissioner Joel Ario defended the transfer, saying in a written statement, "There were no good choices here, only bad ones and worse ones." Mr. Ario said Conseco already had plowed more than $900 million into Conseco Senior Health Insurance, and its corporate board had made it clear no more money was coming. "The likely result would have been either substantial rate increases or insolvency," he said.

Frank Darras, an Ontario, Calif., attorney who represents policy owners in disputes with insurers, calls the Conseco spinoff "unfounded, unfair and unprecedented. This company took the premiums and promised them independent living in their golden years, and they have kicked them to the curb. The trust can't survive. It is on the ventilator right now."

Conseco disagrees. In a statement issued Nov. 12, when the transfer into the trust was concluded, Chief Executive Jim Prieur said: "The completion of this transfer and the formation of the independent trust is a balanced solution for all of Conseco's constituents and Senior Health's long-term-care policyholders."
Critics say the deal may set a precedent for other financially troubled insurance companies to set adrift long-term policies.

Policyholders and their children are concerned. Kitty Spillman of Raleigh, N.C., says her 86-year-old mother, Thelma Brewer, relies on a Conseco policy for her assisted-living expenses. The policy was expected to pay lifetime benefits. If she outlived her benefits, it might force her mother to pay for continuing care out of her own funds, depleting her estate.

"I am worried they will run out of money," says Ms. Spillman, who is her mother's guardian. She says she hadn't received any notice from Conseco about the transfer of the policies to the trust. Mr. Ario, the insurance commissioner, says the trust had begun mailing notices to policyholders during the third week in November.
Long-term-care policies help defray nursing-home or assisted-living costs. About eight million Americans now own one. Most of the policies are purchased by people in their 50s and 60s for protection against claims that may not occur for decades. In 2007, the average policy buyer was 58 years old and paid $1,950 for a long-term care policy in the first year of coverage, says Jesse Slome, a spokesman for the American Association for Long Term Care Insurance, a trade group.

Early versions of long-term-care insurance policies were introduced in the 1970s, and by the early 1990s more than 100 companies were offering them, according to Limra International, a research group. But some of the insurers' assumptions turned out to be wrong, leaving policies underpriced and a drag on their finances. Early purchasers lived longer, generated higher medical expenses and terminated fewer policies than insurers anticipated. As a result, some insurers have had to raise premiums many times on policies that were supposed to be stable in price.
In 2000, the National Association of Insurance Commissioners issued new rules for long-term-care policies to address some of these problems. Insurers have also limited benefits, tightened eligibility and underwriting requirements, and raised premiums on newer policies. But many of the older policies remain in force.

The Conseco action comes at a time of growing concerns about whether many long-term-care policies will pay off when needed, or will require drastic premium increases. Now, the industry's underpricing woes are being exacerbated by the financial crisis. Insurance-company investments have done poorly, and in some instances the insurers are having trouble raising more capital to meet the reserve and capital demands of state regulators. Other big players in the long-term-care industry include Genworth Financial Inc., Manulife Financial Corp. and MetLife Inc.

Industry experts contend that most life-insurance companies remain sound and that state guaranty associations can make good on policies up to certain limits in the event of insolvencies. Long-term-care policies are guaranteed up to a limit of at least $100,000 in every state, according to Peter Gallanis of the National Organization for Life and Health Insurance Guaranty Associations in Herndon, Va. In one-third of states, limits are up to $300,000; and in another third, up to $500,000.

Still, new buyers of long-term-care policies should take particular care in picking out a financially stable insurer, perhaps examining its financial statements as well as its ratings, and check as well into its record of premium increases.

How Conseco policyholders will fare in the trust is a matter of debate. Mr. Darras, the plaintiff's attorney, estimates that former Conseco policy owners would have to pay at least $2,083 more in premiums over the next five years under the new trust, a problem for owners whose average age is 80. The Pennsylvania insurance department wasn't specific, saying only that some rate increases are likely to be necessary to avoid insolvency based on current information and projections. Rate increases must be approved by the individual states.

Julie Freeman, 73 years old, of Tequesta, Fla., who received notice last week of the transfer, says she is worried that the Conseco policies for which she and her husband paid more than $45,000 in premiums over 20 years won't pay out now that he may need nursing care. Her husband, Robert, 83, suffers from cancer and deterioration of the spine that may soon confine him to a wheelchair, and they live on the second floor.

"My fear now is that if ... Conseco won't be making good on its claims in the next year or so, I will have to spend down our assets [to qualify for Medicaid] and then I will have nothing to live on in my old age," says Ms. Freeman.

Write to M.P. McQueen at mp.mcqueen@wsj.com

CONSECO DELIVERS DEVASTATING BLOW TO POLICYHOLDERS

2008-11-17T13:47:00.000-08:00

THE UGLY TRUTH ABOUT CONSECO’S SENIOR TRUST

LEADING EXPERT WEIGHS IN ON HOW SENIORS WILL BE AFFECTED

Ontario, Calif., November 17, 2008 – Conseco’s precedent setting Trust, (CNO:NYSE), recently approved by Pennsylvania Insurance Commissioner Joel Ario, will devastate 144,000 senior citizens, says Frank N. Darras, the nation’s leading disability and Long-Term Care insurance lawyer.

Darras says senior policyholders need to know where they stand. Unbelievably, they haven’t yet been told that their policies were put into this trust. One would think, by calling it a trust, there would be safeguards in place to protect them. There are none.
See www.savemyltc.com.

“Seniors weren’t warned or even told about the trust. Letters sent to Pennsylvania Insurance Commissioner Ario seem to have been overlooked or ignored, including those of other state insurance commissioners who asked for a public hearing,” says Darras. “Without warning, these seniors have been shuffled off to Pennsylvania. Now their policies are going to be managed by a group of Trustees they never bargained for.”

What happened to policyholder peace of mind? The trust and confidence in their billion dollar insurance company, backing their policies and assuring there would be money to pay their claims, has vanished, says Darras.

There are 144,000 policyholders, on fixed income who will face five stiff
premium rate increases in the next 5 years, says Darras.

The Future Math Looks Simple:

The present value of the five future rate increases is $300-400 million –seniors can expect their policy to cost a minimum of $3000 to $5000 more than it does today.

Here Is The Mathematical Truth:

Unfortunately, simple math won’t work for these seniors. At least 25% of the policyholders are already on waiver of premium as their spouse has died or is on claim. That means that 36,000 policyholders will never pay a penny more in premiums. Over the next 5 years as more policyholders go on claim or their spouses die another 20% or 28,800 policyholders will pay no additional premium. This will leave 80,000, yes, eighty-thousand, seniors to shoulder $300-$400 million of premium, says Darras.

Is Wal-Mart Hiring?

What are these seniors going to do to raise this kind of money? Get a part-time job? Have a bake sale? Where are these folks going to raise $5,000 more per year to keep these policies in force? Remember, these are your parents and mine and $5,000 a year more, on top of their existing premiums will bring these proud folks to their knees, says Darras.

The Promise to Care, Vanished Through a Corporate Loophole

What happened to the peace of mind and security Conseco promised these policyholders when their policies were taken over from American Travelers Life or Transport Life?

Now, with fancy legal work, Conseco is gone! Once the company contributes stock and a one time payout of $175 million, they will walk away.

No further obligation
No further funding
No further capital contributions
No exposure
No accountability
No responsibility

That is wrong on every level, says Darras.

“Conseco promised the moon, strung paying seniors along and invested every premium dollar they got. Now, when our seniors are too old, too sick and uninsurable their coverage will be unaffordable.

Conseco should be corporately ashamed, says Darras. This closed block of seniors have been dumped into a self insured trust which is about to begin feeding on itself.

What a sad state of corporate loop holing. It may be legal, but cheating seniors, is dead wrong.

2008-10-25T06:14:00.000-07:00

Posted at ProducersWeb http://tinyurl.com/6yjmsy

The Conseco trust: What it means to policyholders and producers

By Frank N. Darras -Shernoff Bidart Darras and Ecehverria, LLP
More from this author
A dilemma is brewing in Pennsylvania that is about to develop into a full-blown tragedy for 144,000 unsuspecting Conseco long term care policyholders. Without any notice or warning to these faithful, premium-paying senior citizens, 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-1990s.

It's questionable if producers across the country have been notified of this action by Conseco. Regardless, knowing about this dangerous attempt to sever the losing arm of the company's policies affects all producers selling the long term care product.

It is important to recognize that Conseco originally wanted to be the 800-pound gorilla and own the long term care space, having spent nearly $1.7 billion in acquisitions. Well, they gambled and won the market share they wanted, but faced three major hurdles. Unfortunately for seniors, the policies were oversold, under-priced, poorly underwritten and had too many bells and whistles.

Seniors jumped on the long term care bandwagon, having believed the slick advertising touting independent living in their golden years. Premiums rolled in, seniors held on to their policies and, as they got older, many needed the benefits they so richly paid for. This resulted in claim counts mounting, with Conseco contributing more than $915 million throughout the past 10 years to shore up their long term care business.

Wall Street wasn't pleased: stock prices began to fall and investment income tanked, but Conseco couldn't change the purchased blocks' generous policy language, the economy or interest rates. Since policy lapse rates were at an all-time low, Conseco got tough on claims.

Multi-state conduct investigations ensued, penalties and million-dollar fines were assessed, restitution was ordered and claims, previously denied, were ordered re-opened for new investigation.

Conseco refused to accept responsibility and pointed the finger at increasing life expectancy, increasing cost of care and too many seniors filing claims. Instead of accountability, the company sought repeated rate increases. Many states provided increases, but the company wore out its welcome and the Departments of Insurance around the country began pushing back. State by state, requests for rate increases were denied, reduced or pared down.

Conseco management began "seeking new strategic alternatives." Top management said, "this has become a real burden for management and shareholders."

In August, Conseco announced it was creating a new Senior Health Insurance trust to house 144,000 former American Travelers and Transport Life long term care insureds. No notice, warning or advisement was sent to these policyholders, according to the Pennsylvania Department of Insurance.

But why would the Pennsylvania Department of Insurance allow this, after all the violations it had uncovered, charged and fined Conseco for? This is a matter of record (see www.savemyltc.com).

The trust must be stopped!

The argument to stop this runaway train from uncoupling and letting the long term care policyholder crash has been given by the Pennsylvania Department of Insurance, in their own words, here.

Conseco wanted to be the industry leader in long term care -- now it's time for the company to honor what it sold. Spinning off an eleventh hour trust at Mach speed, without notice to the very policyholders that will be affected, is just wrong.

Senior citizens who purchased long term care insurance deserve the benefit of their bargain. They have paid dearly for these policies, suffered one premium rate increase after another and have hung on to these policies, hoping for the independent living they were promised.

Conseco can't just unhook this train of seniors. It is wrong on every level and the trust should be stopped. When Conseco chose to enter this market, it was a billion-dollar buyer; they shouldn't be allowed to walk away from your grandparents and mine, now.

Making Long Term Care Cool

2008-10-22T08:08:00.000-07:00

Every day, we read about the sandwich generation, folks taking care of their parents while raising their own kids. We get cold-calls, emails and are bombarded with advertisements talking about boomers hitting retirement age, says Frank N. Darras, the nation’s leading disability and Long-Term Care insurance lawyer.

Add a dose of Dennis Hopper and his Easy Rider “cool” pitching retirement funds and Aerosmith lending its music to a Cadillac commercial and suddenly, it hits. Are they talking to me? See www.darrasnews.com.

So, what do endorsements by legendary aging icons have to do with your future? Madison Avenue meets Wall Street and they want you. More importantly, they want your dollars.

Here is how it works, says Darras.

Boomers are turning 60, fast
Every year, add 4 million
Make retirement cool, put some heroes from our youth into the mix
Boomers everywhere jump in and buy, believing Long-Term Care is the answer
Carriers charge high premiums, promise an independent life when you are elderly
Big insurance sits back, collects our premiums, marveling at their marketing genius

“Cool can become cold fast when you are old and wrongfully denied your benefits,” says Darras. “Choose your policy carefully. It is a decision that will definitely effect your golden years. Chances are, Mr. Cool won’t be taking your call when you need your LTC the most.”

Darras says, pay attention to the hard facts:
· Research your LTC purchase thoroughly
· If you have assets to cover rising medical costs, LTC may not be necessary
· Choose the right type and amount of care
· Determine if your policy should kick in as an add on to your disability policy
· Know the carrier’s history, choose one with the highest financial rating and the lowest customer complaints
· Will the carrier be in business when you need your benefits or have they low balled the market to gain market share?
· How many premium rate increases has the carrier sought in the last ten years and why?
· Understand your benefit categories
· Be sure to understand in detail in your carrier’s definition of the activities of daily living (ADLs)
· If you are wrongfully denied your benefits, know your legal rights and remedies
· Don’t give up and find competent legal counsel

For more information see www.darrasnews.com or call 800-458-4577. Go to www.savemyltc.com and see a textbook example of how you may get cheated out of your long-term care.....The Conseco Trust.

Presidential Candidates Are Overlooking Senior Health Insurance

2008-10-08T17:07:00.000-07:00

With the Conseco (NYSE:CNO) Trust threatening to set a devastating precedent for all Long Term Care policyholders, when will Obama and McCain start talking about health insurance for our senior citizens?

WHAT YOU NEED TO KNOW - THIS IS NO JOKE

Long Term Care is the family crisis for the 21st century
3 out of 5 people will need LTC…2 out of 5 will require nursing home facilities
70-80% of nursing home residents deplete their assets within 12 months
Right now more than 12 million people need LTC
1,600,000 million people are in nursing homes
35 million people today are over 65 – or 13% of our population
By 2030…64.6 million people will be 65 or older
By 2040…there will be more people over 85 than there are today over 65
There are 72,000 people over 100 today and that sector will triple by 2020
Those of us born between 1946 and 1964 are BABY BOOMERS
1 out of 4 BABY BOOMERS are over 50 and soon will be SENIOR BOOMERS
Some of us are in the SANDWICH GENERATION…Caring for our kids…and caring for our parents
People are living longer…in 200 years we’ve doubled our life expectancy
Banking on Social Security?
Insolvency by 2019?
42 workers supporting each retiree in 1945
3.4 workers supporting each retiree today
By 2030…2 to 1
How about Medicare?
Payments exceded Medicare income in 2004 for the first time in history
Covers only 9.4% of all nursing home care expenses
How about Medicaid?
You have to be indigent…

ATTN: CONSECO POLICYHOLDERS

2008-09-30T20:01:00.000-07:00

Get your letters to Commissioner Ario at the PA Ins. Dept. published at www.savemyltc.com.

EMAIL: INFO@SAVEMYLTC.COM

..........Unbelievably not one Conseco policyholder was warned, advised or received written notice of the impending Trust conseco plans to establish. The written, yet unannounced deadline of September 30, 2008 has now passed.

It has been a week since the Pennsylvania insurance department has posted letters it received, in great detail, opposing the trust. the last date a letter was posted was september 24th --one week ago.

While seniors have had no chance to voice their opinions, many people worked very hard to warn policyholders and made astute arguments to Commissioner Ario protesting this trust. Many experts in the field, with no "horse in this race" except love and care for our senior citizens, have stood up to fight.

THEIR LETTERS HAVE YET TO BE POSTED AT THE INSURANCE DEPT. WEB SITE

http://tinyurl.com/3mzahj

IN THE PUBLIC COMMENT SECTION.

CONSECO (NYSE:CNO)

2008-09-30T06:09:00.000-07:00

THE $700 BILLION MESS ON WALL STREET HELPS CONSECO FLY UNDER THE RADAR

TODAY-SEPT. 30- MARKS THE END OF THE UNANNOUNCED COMMENT PERIOD --ACT NOW!

For More Than 144,000 Long-Term Care Senior Policyholders At Risk Of Losing It All

See below and contact Rbrackbill@state.pa.us Today!

BAILOUT MAKING YOU MAD? STOP CONSECO TODAY!

2008-09-28T22:33:00.000-07:00

Mad About The $700 Billion Bailout?

Stop America’s Next Bail Out
Stop the Conseco Trust Today

ONTARIO, Calif., - September 29, 2008 – If you are sick and tired of taking the financial hit for bad business decisions of publicly traded companies, stand up and be counted today. The proposed Conseco Senior Health Insurance Trust, may come into effect immediately after the deadline of September 30th –tomorrow and it could devastate 144,000 senior citizens, says Frank N. Darras, the nation’s leading disability and Long-Term Care insurance lawyer.

“If you have just one insurance policy, of any type: auto, life, disability, mortgage, long-term care, you should call/email today and say NO. If this Conseco Trust goes through, it may set a precedent that could decimate your coverage when you need it most,” says Frank N. Darras, the nation’s leading disability and Long-Term Care insurance lawyer.

Unbelievably not one Conseco policyholder was warned advised or received written notice of the impending Trust from the company. An unannounced deadline of September 30, 2008 looms, while seniors have had no chance to voice their opinions. Why should these policyholders wind up in a Senior Health Insurance Trust when they were insured by Conseco? If these seniors wanted to self insure themselves they never would have relied on Conseco. See http://www.savemyltc.com/.

Take 2 minutes out of your day and call the Pennsylvania Insurance Department. Stand up for our seniors today. We cannot let a dangerous precedent be set.

Make your voice heard. For detailed information, see http://www.savemyltc.com/ and say no to the Trust. Call 717-787-2317 or toll free 877-881-6388 and/or fax (717) 787-8557 or email rbrackbill@state.pa.us. Make a firm statement that you PROTEST the Conseco Trust and demand the Department of Insurance say NO to Conseco.

“We are fighting for our grandparents and parents. We are fighting now, for ourselves and our children,” says Darras. “If Conseco establishes this Trust, policyholders will lose the peace of mind and security they richly paid for.”

Call, fax or write the Pennsylvania Department of Insurance today. The youngest victim in the proposed Trust is about 77 years old.

“Let’s stand up and protect your grandparents and mine,” says Darras.

Go to http://www.savemyltc.com/ or call 800-458-4577 and follow the directions to get your voice heard by the Pennsylvania Insurance Commissioner. Demand they STOP the Trust. Time is of the essence, the written deadline is Sept 30, 2008.

STOP CONSECO TRUST

2008-09-25T08:22:00.000-07:00

Top Insurance Expert Calls on 144,000 Holders of Long-Term Care Polices To Protest an Eleventh Hour Conseco Trust

ONTARIO, Calif., - September 24, 2008 – Conseco, (NYSE:CNO) 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, says Frank N. Darras, the nation’s leading disability and Long-Term Care insurance lawyer.

Frank N. Darras has urged 144,000 holders of these Long-Term Care insurance policies to protest immediately the creation of this Trust. See www.savemyltc.com.

“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 it’s 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. 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 its 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,” says Darras.

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.

Contact Frank N. Darras directly at www.savemyltc.com or call 800-458-4577, visit www.darrasnews.com or email at info@savemyltc.com.

URGENT! LISTEN TO THIS RADIO SHOW SEPT. 23RD!

2008-09-22T15:40:00.000-07:00

With The Economy and Financial Giants Failing, What Happens to Conseco’s 144,000 Long-term Care Policyholders?

Frank N. Darras To Discuss the Proposed Trust

September 23rd 1PM Eastern (10 AM PST)

Go to this link: http://www.voiceamerica.com/tomwoodruff.html

Read More....... ONTARIO, Calif., - September 22, 2008 – 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 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.

Link directly to: http://www.voiceamerica.com/tomwoodruff.html

Contact Frank N. Darras directly at www.savemyltc.com or call 800-458-4577, visit www.darrasnews.com or email at info@savemyltc.com.

Note to Editors:

Darras available for interviews. Contact Robin McDavid Nolan, McDavid Public Relations, 800-880-9991, 650-279-9512 or robin@mcdavidpr.com.

LETTER TO STOP THE TRUST- COPY/PASTE FILL IN AND SEND

2008-09-22T15:35:00.001-07:00

Honorable Joel Ario
Attention: Robert Brackbill
Chief Company Licensing Division Insurance Department
1345 Strawberry Square
Harrisburg, PA 17120

Fax:(717) 787-8557
Email: rbrackbill@state.pa.us Date

Your Name
Address
City, State, Zip Code
Telephone number
Email address

Re: CONSECO Senior Health Insurance Company FORM A Filing

Dear Commissioner Ario:

I am writing about the plan Conseco Senior Health Insurance Company has submitted to the Pennsylvania Department of Insurance to move my Long-Term Care insurance policy into a “Trust.”

If Conseco will be making a one time contribution of $175 million to the trust and policyholders like me will be asked to contribute between $300 and $400 million in the form of future rate increases; how is this a good solution for senior citizens who are policyholders?

My rates have already been increased and increased and increased. This Trust will surely force most of us policyholders to lapse our policies because we cannot afford more increases.

I am concerned that any claim request I have will not be treated fairly once my policy is no longer backed by an insurance company.

Gambling with my financial security to save an insurance company from a bad investment cannot be allowed to proceed.

This Conseco Senior Health Insurance Company (CSHI) Trust is a very bad idea and I am opposed to it and ask you to disapprove it outright.

Respectfully,

Name

2008-09-21T06:16:00.000-07:00

Insurance Expert Launches www.savemyltc.com Web Site

Site Provides Information to Help Conseco
Long-Term Care Policyholders Fight the Proposed Trust

ONTARIO, Calif., - TODAY - 2008 – With potentially devastating premium increases facing senior citizens who hold Long-Term Care policies administered by Conseco, the web site, www.savemyltc.com, has been launched to provide direction and help, before the proposed September 30 deadline.

As the nation’s leading disability and LTC insurance lawyer, Frank N. Darras has put information together that will assist over 142,000 policyholders who have not been notified by Conseco that their policies are going to be put into an irrevocable trust that may cost them dearly.

“With a spoken deadline of Monday, September 22, and a written deadline of September 30th, policyholders must move quickly,” says Darras. “Our web site has a form letter that policyholders can fill out, print and fax, or copy and paste into an email that goes directly to the Pennsylvania Department of Insurance.”

All contact information and instructions can be found at www.savemyltc.com.

In Darras’ opinion, not only are more than 142,000 policyholders in a dangerous position of losing it all, when they need it most, this Trust will set a terrible precedent for other failing Long-Term Care companies across the country.

“We have to protect our seniors, your parents and mine, from egregious acts by companies that made bad investment decisions and low-balled the marketplace with oversold and poorly underwritten policies,” says Darras. “Last week, Americans took on financial burdens of failing companies and now, Conseco’s Long-Term Care Trust scenario could very well burden those people that need the product most, the elderly.”

The youngest policyholders in this block are approximately 77 years old. For years, the LTC arm of Conseco has been a financial drain. “It looks to me,” says Darras, “that the Company is absolving themselves of a losing bet and giving it to their policyholders and calling it a Trust. That is just wrong, there is nothing to trust about this scenario, it will ruin our seniors.” says Darras.

Go to www.savemyltc.com and fill out the forms, voice your opinions to Robert Brackbill, rbrackbill@state.pa.us or fax to (717) 787-8557 immediately.

If you need help with any matter regarding CSHI and your Long-Term Care insurance policy, please call Frank N. Darras at 800-458-4577 or email him at help@savemyltc.com. ACT FAST!

Note to editors: Darras available for interviews. Contact Robin Nolan, McDavid Public Relations, 650-279-9512 cell, 800-880-9991 office, email: robin@mcavidpr.com