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Address: 673 East Cherry Lane Souderton, PA 18964-1253
Phone: (215) 723-3044
A.M. Best Company Financial Strength Rating: B (Fair)
Size: V ($10 Million to $25 Million)
Parent Company: United Security Assurance Group
The following comments are excepts from a July 2011 press release:
An unexpected health condition can strike at any time and completely exhaust a family's life savings. Contrary to what many people believe, Medicare and private health insurance programs do not pay for the majority of costs associated with long term care services that most people need – help with personal care such as dressing or using the bathroom independently.
Acquiring a long term care insurance plan is an essential step for individuals desiring to protect their assets and get the care they may need. But for many Americans with extended health conditions, access to long term care insurance coverage can be challenging. For these individuals who need it most, traditional long term care insurance is not available.
"Coverage for long term care costs is the last large unfunded liability for many Americans," said Bill Neugroschel, CEO of United Security. "Many of us have coverage for our lives, our medical needs, our houses and our cars, but we often don't think about how we will cover the cost of long term care. This is a major gap in our financial planning which long term care insurance like LifeStyle Solutions can address," he said.
Purchasing long term care insurance is an important step for protecting retirement income and assets. A well-planned retirement should always consider the costs of long term care regardless of current health status; Freedom Benefits believes this should be the cornerstone of retirement security.
June 17, 2011 - A.M. Best Co. downgraded the financial strength rating to B (Fair) from B+ (Good) and issuer credit rating to “bb” from “bbb-” of United Security Assurance Company of Pennsylvania (United Security) (Souderton, PA). Additionally, these ratings have been placed under review with negative implications. See www.ambest.com for the full report and details.
This web site is independently owned and managed by Tony Novak operating under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator". Opinions expressed are the sole responsibility of the author and do not represent the opinion of any other person, company or entity mentioned. Tony Novak is not an agent, broker, producer or navigator for any federal or state health insurance exchange but may provide uncompensated advice, reviews and referrals to these official resources. Novak is compensated as an accountant, adviser, affiliate consultant, marketer, reviewer, endorser, producer, lead generator or referrer to some of the other commercial companies listed on this site. Information is from sources believed to be reliable but cannot be guaranteed.