December 15, 2017: Deadline for Long Term Care New Business Requirements

As the year comes to a close, to optimize your 2017 placed production, please keep in mind the year-end cutoff for new business is December 15, 2017. Genworth’s final commission cycle will be on December 22, 2017 for all Long Term Care Insurance. Requirements for Final Commission Payment All delivery requirements must be received by December 15, 2017 Applications must be “In Good Order,” which is defined as but not limited to: All application and suitability questions answered All signatures and dates completed All requested information provided All regulatory forms completed accurately and received by Genworth All initial and additional
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth’s 2017 Commission Year-End Pay Schedule

The last commission payment processing cycles for 2017 are: Fixed life and fixed annuities – Friday, December 22nd, 2017 Long term care insurance – Friday, December 22nd, 2017 Variable life and variable annuities – Friday, December 22nd, 2017 Final commission payments will also include earned commissions that have not previously met the $50 minimum check amount. For this final payment only, the minimum amount is $.01. Genworth is closed for the holidays on Friday, December 22nd, Monday, December 25th, and Monday, January 1st. Commission payments will be distributed as follows: Daily EFT and DTCC(NSCC) Fixed life/fixed annuities – Tuesday, December
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Categories: Genworth and Long-Term Care.

Commissions: 1099-MISC 2017 Tax Information

Important information about 1099-MISC (miscellaneous income) tax forms: A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2017. This includes all product lines. Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. Access your 1099-MISC statement faster by going paperless before December 31, 2017! 1099-MISC statements will be available electronically to all Producers currently receiving 1099-MISC statements and those who are registered users of Genworth.com/Pro. By
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Categories: Genworth and Long-Term Care.

New! 2017 Cost of Care

2017 Cost of Care The new 2017 survey results will be released on September 26, 2017. The Genworth Cost of Care Study is one of the industry’s most comprehensive cost evaluations of more than 43,000 long term care providers across 440 cities and regions. For over 14 years, the national study has played an effective role in helping financial professionals map out a plan for their clients long term care needs. Get started today, learn more at Genworth.com/COCpro. Features and Tools Cost by Period 5 Year Compound Annual Growth Cost Comparison by Location Future Care Cost Downloadable Interactive Map IOS
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Categories: Genworth and Industry News.

LTCi Underwriting Update for October 2017

In an effort to increase customer satisfaction with a Long-Term Care policy issued by Mutual of Omaha and align ourselves with other Mutual of Omaha Underwriting Departments, we plan to implement a new process effective October 1, 2017. Effective October 1, 2017, when a case has been approved, other than applied (except for a better rate), underwriting will reach out to the producer via email and inquire whether the producer will be able to place the policy with the rate and benefit changes (if any) proposed by underwriting. Underwriting will hold the policy for 14 calendar days for the producer
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

United Security: E-Apps Released in Additional States

Great news! We have released our e-apps in additional states. The e-apps are offered only with our LifeStyle Solutions and LifeStyle Solutions Select insurance plans and are now available in the following states: Arizona Colorado Georgia Illinois Indiana Louisiana Oklahoma Pennsylvania Texas Stay tuned, as we continue to roll-out our e-apps in more states soon. Questions? Please contact United Security’s Marketing Team at 800-872-3044.   #goldencareagent #unitedsecurity >   Related: United Security Assurance: New Electronic Applications
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Categories: Long-Term Care and United Security.

United Security Licensing Procedural Change

United Security Assurance has changed their internal procedures for agents who have terminated their current heirarchical relationship and wish to get licensed directly with us.1 Here’s how the change could affect you: If you have not submitted any new business for a period of 6 months or more, you are no longer required to submit a release letter and can be reappointed under a new heirarchy If you have produced new business during the past 6 months, then you are required to submit a release letter If you have any questions, please feel free to contact United Security’s Marketing Department
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Categories: Industry News and United Security.

“Census Bureau: Most seniors still own homes”

“Census Bureau: Most seniors still own homes,” by Lois A. Bowers, McKnight’s Senior Living “More than three-fourths (77.9%) of Americans aged 65 or more years live in owner-occupied housing, according to new data released Thursday by the U.S. Census Bureau. . . . The median home value was $192,400.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): It’s a good thing senior home ownership stays strong. They’ll need that equity when the bottom falls out of Medicaid LTC funding. Census Bureau: Most seniors still own homes #goldencareagent
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Categories: Industry News and Long-Term Care.

“Experts, lawmakers ponder impact of 8 residents’ deaths on SNF sector; facility loses Medicaid funding”

“Experts, lawmakers ponder impact of 8 residents’ deaths on SNF sector; facility loses Medicaid funding,” by Emily Mongan, McKnight’s LTC News “The Florida nursing home where eight residents died in the wake of Hurricane Irma has now been cut from the Medicaid program, as questions continue to swirl about the incident’s effect on emergency preparedness and the skilled nursing sector overall.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Here’s a plan: pay a nursing home less than the cost of care for most of its residents. Then take away even that funding when something goes
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Categories: Industry News and Long-Term Care.

“Pay Attention to the Small Details When Dealing with Long-Term Care Insurers”

“Pay Attention to the Small Details When Dealing with Long-Term Care Insurers,” ElderLawAnswers “A long-term care insurance company recently cancelled the insurance coverage of an elderly woman who accidentally wrote the wrong amount on her premium check. The case illustrates the need for policyholders to pay attention to the details. . . . Ms. Maldonado’s daughter appealed to the company to accept a late payment, but the company refused. Her mother now has dementia and no long-term care coverage. . . . Article Last Modified: 09/15/2017.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Actually, AIG
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Categories: Industry News and Long-Term Care.