Bloghound

A front page article in today’s New York Times, “Aging, Frail and Fighting Insurers to Pay Up,” talks about how some long-term care insurance companies have abused elderly customers trying to file claims. The insurance companies sent the wrong forms. Refused to provide information. Didn’t answer questions. Sent snail mail instead of picking up the phone and answering questions. Refused to allow their employees to talk to one another, which would have helped provide better customer service. Unbelievable, especially insurers Conesco and Penn Treaty America.

My four takeaways:

1. If companies despise customers, they deserve to go out of business. The sooner the better.
2. There’s an invaluable role in our society for investigative journalism. Kudos to Charles Duhigg from the Times for such great research and reporting.
3. We need better government regulation to protect unknowing citizens. Between this and the subprime mortgage mess, we should be embarrassed and outraged at letting unethjcal businesses take advantage of people.
4. Talk more with parents and grandparents about their financial affairs to make sure they’re not getting making bad decisions despite good intentions.

Conesco

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