John Hancock, the insurer for long‐term care benefits offered through MIT, has advised us they will no longer accept new applications for coverage as of January 1, 2012 because of the challenging economic environment. If you want to apply for this group long‐term care insurance coverage, your application must be postmarked no later than December 31, 2011. Applicants who need to go through underwriting do not need to complete the underwriting by December 31, 2011, but the application is still due by that date.
The decision not to accept new applications does not in any way affect MIT employees or dependents who already have this coverage. It also does not affect John Hancock’s ability to pay claims. However, there is the potential for premium increases at some point in the future. If this does occur, all participants will receive advance notification ahead of the increase. In addition, you have no obligation to continue the benefit and can cancel at any time.
Because of this change, MIT will begin to explore other vendors who offer long‐term care insurance. We will communicate once we have more information. In the interim, if you do have questions about this benefit through John Hancock, please call the John Hancock Customer Service Center at (888) 453‐2030.