An important message to policyholders about TIAA-CREF Long-Term Care Insurance
Whether your long-term care insurance policy has been transferred to MetLife or continues to be insured by TIAA-CREF, MetLife administrates all long-term care insurance policies issued by TIAA-CREF. Administration includes all policyholder inquiries, premium collection, and reviewing and paying claims.
We encourage you to call Long-Term Care Customer Service at 1 888 748- 4824 with any questions regarding your long-term care insurance policy.
Frequently asked questions
Long-term care insurance policyholders may have received, or may soon receive, a letter seeking their decision about whether to transfer their long-term care insurance policy from TIAA-CREF to MetLife. The following list of frequently asked questions is to help policyholders who may have questions.
What is happening with my long-term care insurance policy?
n 2003, TIAA-CREF entered into a series of transactions with MetLife. Initially the transactions provided for MetLife to reinsure and administer TIAA-CREF’s long term care insurance policies on behalf of TIAA-CREF and at TIAA-CREF’s direction. Now, after receiving the approval of the appropriate insurance departments, MetLife is making an offer to assume direct responsibility for your policy.
If you accept this offer this will mean that, while the policy terms remain unchanged, the policy will become a MetLife policy. Should you reject the offer you will remain a TIAA-CREF policyholder. Although the policy may be reinsured and administered by MetLife as described above, TIAA-CREF will remain the insurer with full responsibility and decision making authority.
But I already send my premiums to MetLife. Doesn’t that mean they’re already responsible for my policy?
MetLife is the administrator of your long-term care insurance policy on behalf of TIAA-CREF and at TIAA-CREF’s direction. This means that MetLife performs the administration of your policy including premium collection, and reviewing and paying claims.
What is the Notice I recently received?
In 2005, TIAA-CREF and MetLife began the process of obtaining approval from New York State and other individual state insurance departments to enable MetLife to seek to assume the direct responsibility for coverage of individual policies. The Notice of Transfer you have received from MetLife as Administrator for TIAA-CREF long-term care insurance policies culminates that process, and seeks your consent to transfer the direct obligations of your policy from TIAA-CREF to MetLife.
Why am I receiving this Notice now?
In the fall of 2006, MetLife and TIAA-CREF obtained the approval of the New York State Insurance Department to begin the process of seeking policyholder approval for the transfer of their policies from TIAA-CREF to MetLife.
I received other forms too. What are they?
Information required by applicable laws and regulations to enable policyholders to make an informed decision about whether to accept or reject the proposed assumption by MetLife of the TIAA-CREF policy.
I’ve reviewed the Notice and have questions. Who should I call?
We encourage you to call Long-Term Care Customer Service at 1-888-748-4824 with any questions. MetLife, as the administrator of your long-term care insurance policy is prepared to answer your questions based on your policy and the state where you reside. MetLife has provided training for its long-term care consultants regarding the Notice of Transfer of long-term care policies.
I’ve talked to both MetLife and TIAA-CREF; however, no one has been able to tell me whether accepting the Notice of Transfer makes sense for me.
MetLife and TIAA-CREF have compiled materials that comply with applicable law in order to provide you with information to help you make an informed decision. Ultimately the election is yours to make.
Will my contract change if I transfer to MetLife?
Regardless of whether your coverage remains with TIAA-CREF or is transferred to MetLife, the terms and conditions of your coverage will remain the same.
Will my premium change?
There are currently no plans to raise premium rates on your coverage, regardless of whether your coverage remains with TIAA-CREF or is transferred to MetLife.
As with all guaranteed renewable long-term care insurance coverage, the insurance company may raise rates on your coverage in the future on a class-wide basis. We expect that if that ever became necessary, MetLife and TIAA-CREF would request an increase that did not distinguish between insureds whose coverage remains with TIAA-CREF and insureds whose coverage is transferred to MetLife. Please note, however, that the terms of any premium rate increase would be subject to the requirements of each state’s law, and to the approval of each state’s insurance department.
If I reject the transfer to MetLife, will TIAA-CREF provide customer service and process my claims?
TIAA-CREF has an ongoing agreement with MetLife to provide Long-Term Care Customer Service to all TIAA-CREF long-term care policyholders. MetLife will continue to administer your policy including premium collection and, reviewing and paying your claims whether you accept or reject the transfer of your TIAA-CREF long-term care insurance policy.
* In the above Q&A the terms “TIAA-CREF” and “MetLife” mean:
TIAA-CREF refers collectively to Teachers Insurance and Annuity Association of America (TIAA) and its subsidiary TIAA-CREF Life Insurance Company
MetLife refers to Metropolitan Life Insurance Company
.
© 2009 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
