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Senior Health Insurance Company of Pennsylvania

Dino Christoforakis
Dino Christoforakis

Editor in Chief & Licensed Insurance Agent.

A review of Senior Health Insurance Company of Pennsylvania finds an insurance company that has recently undergone ownership changes due to recent problems. Senior Health Insurance Company of Pennsylvania, which is also known as SHIP, was part of Conseco Senior Health Insurance Company before November 2008.

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After mid-November of 2008, SHIP’s owner became the Senior Health Care Oversight Trust, which was formed by Pennsylvania’s Department of Insurance. SHIP is run by a Board of Trustees whose members all have extensive insurance experience. The Board exists to ensure that SHIP continues to meet its obligations to its policyholders.

Senior Health Insurance Company of Pennsylvania Contact Information

Whether you need to file a claim or make a change on your policy, you can send correspondence to the Senior Health Insurance Company of Pennsylvania to:

P.O. Box 64913
St. Paul, Minnesota 55162

You can also call them toll-free at 1-877-450-5824.

Premium payments should be sent to:

Dept CH 14356
Palatine, Illinois 60055-4356

Senior Health Insurance Company of Pennsylvania Products

The Senior Health Insurance Company of Pennsylvania is no longer selling health insurance policies. Instead, the company only exists to maintain and keep the long-term care insurance policies of its current customers running.

When ownership of SHIP was moved to the Trust, it was with the sole purpose of keeping the company in business for all of its current policyholders who have paid premiums on their long-term care insurance for years. It is not the Board of Trustee’s intention or obligation for SHIP to make a profit.

Senior Health Insurance Company of Pennsylvania Discounts

Although SHIP operates without earnings, it still offers policyholders ways to manage their premiums and options to lower their costs. Currently, premium bills from customers only account for 56% of the payments it makes for customer claims. The other 44% is paid from assets and investment income.

If you’re a current SHIP policyholder, or family member of a SHIP policyholder looking to help them, you have a few options to lower your premium payments. You can decrease your maximum benefit period, or your maximum benefit amount on a daily or monthly basis. You can also extend the elimination period, which is the waiting period before your benefits begin. Lastly, you can drop some optional coverage off your rider.

Unfortunately, all of these recommendations mean that, in order to pay a decreased premium, you must first decrease your benefits. Unfortunately, because the company isn’t taking on any new business, it has a limited pool of income. As the years continue and its policyholders’ claims grow, the company will have less and less flexibility when it comes to discounts and benefits.

Senior Health Insurance Company of Pennsylvania Claims

For information on submitting claims, whether it’s your first time or not, click on the “Submitting Claims” tab of the company website. There, you will find information about who needs to fill out which claim information sheet, and provide corroborating proof, etc.

If you or your loved one has had a claim denied by SHIP and want to contest it, you can submit additional facts and paperwork, and ask for a management review of the claim. This should be sent to “Long Term Care Claims,” to the attention of the Claims Manager, at the address already given above.

Senior Health Insurance Company of Pennsylvania Ratings and Reviews

In mid-2009, the Senior Health Insurance Company of Pennsylvania asked A.M. Best Company to withdraw its ratings for the company. A.M. Best had given SHIP a “C” financial strength rating and a “ccc+” issuer credit rating, both of which are weak marks. It had also given the insurance provider a negative rating for its outlook for both ratings.

Ratings from A.M. Best are a good gauge about an insurance company’s financial outlook and strength, both in the present and going into the years ahead. SHIP, operating formerly as Conseco, had obviously encountered extensive financial difficulties. In May of 2008, Conseco agreed to a settlement with the state insurance regulators from 40 U.S. jurisdictions. The company had to pay a fine of $2.3 million, as well as $30 million as restitution for claims mishandling.

Going forward, Senior Health Insurance Company of Pennsylvania will likely have to raise its rates and reduce its benefits. A simple Internet search already yields complaints from the children of current policyholders, who cite poor customer service and mishandling of their parents’ claims.

If you’re looking for health insurance coverage, SHIP is obviously not the company for you. Instead, type your ZIP into the free box below and you’ll be able to check out health insurance quotes from other providers in your area.

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