“Where Is The ‘Assistance’ In Assisted Living?”

“Where Is The ‘Assistance’ In Assisted Living?,” by Anne Tumlinson, Forbes “Assisted living facilities evolved to offer consumers an alternative to nursing homes — to provide a safer version of home that prioritizes hospitality, comfort and independence over the constant supervision and medical care of a 24-hour nursing facility. But the problem is that the traditional assisted living model isn’t keeping up with the increasingly complex medical needs of our older adult population. Our parents are living longer with conditions that require a lot of medicine, doctors and too-frequent trips to the emergency room. And we, the adult children, find
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Categories: Industry News and Long-Term Care.

“Bill Gates makes $100 million personal investment to fight Alzheimer’s”

“Bill Gates makes $100 million personal investment to fight Alzheimer’s,” by Kate Kelland, Reuters “Billionaire Microsoft co-founder Bill Gates is to invest $50 million in the Dementia Discovery Fund, a venture capital fund that brings together industry and government to seek treatments for the brain-wasting disease. The investment – a personal one and not part of Gates’ philanthropic Bill & Melinda Gates Foundation – will be followed by another $50 million in start-up ventures working in Alzheimer’s research, Gates said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Bill Gates pursued self-interest, created thousands of jobs,
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Categories: Industry News and Long-Term Care.

“How to Reduce Dementia’s Tragic Toll on Families”

“How to Reduce Dementia’s Tragic Toll on Families,” by Marc Agronin, Wall Street Journal “When a family member suffers from dementia, we tend to view it as an individual tragedy. But too often this wrecking ball of a disease takes a toll on the entire family. . . . The tragedy here is that it doesn’t have to be this way. If families understand the perils, they can navigate them without imploding. . . . The key is for families to understand that core emotional need and to realize that a win-win approach is possible, resulting in relationships that are
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Categories: Industry News and Long-Term Care.

“The Surprising Benefits and Costs of Family Caregiving”

“The Surprising Benefits and Costs of Family Caregiving,” by Maddy Dychtwald, Wall Street Journal “Already, 40 million Americans are providing care to an adult family member or friend, most often to an aging parent or spouse. As the massive baby-boomer generation hits their 70s, the demand for family caregiving will skyrocket—and it’s poised to become America’s biggest off-the-books industry. In order to better understand the caregiving crunch, my firm, Age Wave, in partnership with Merrill Lynch, just completed a study, The Journey of Caregiving: Honor, Responsibility and Financial Complexity, that uncovers the rewards and sacrifices of this complex lifestage.” LTC Comment
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Categories: Industry News and Long-Term Care.

“Should you use a reverse mortgage in retirement?”

“Should you use a reverse mortgage in retirement?,” by Peter Rueth, MarketWatch A major component of wealth and retirement planning often overlooked or ignored, is home equity. Based on U.S. Census Bureau figures, collected in 2011 and dated 2013 the average married couple entering retirement will have a net worth of $194,226. However, when home equity is removed net worth drops to just $43,921. With 77% of a retiree’s net worth locked in home equity it’s astonishing why so many financial planners ignore home equity when creating retirement plans. There is currently over $6.3 trillion in senior housing wealth and
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Categories: Industry News and Long-Term Care.

Aetna: 2018 Individual Medicare administrative fee payments

2018 Individual Medicare administrative fee payments Administrative fee payments are currently being processed and paid for Individual Medicare enrollments (MA/MAPD, PDP) effective January 2018 that were submitted during the Annual Election Period (AEP). To be eligible to receive administrative fee payments, all writing agents, uplines, payees and principals must be “ready to sell.” To eliminate or minimize chargebacks in January, we process administrative fee payments as follows: Initially, you’ll receive a partial payment, at the renewal rate, for all enrollments. Next, if CMS confirms that enrollments qualify as “initial sales” (i.e., if enrollees are “new to Aetna” or “new to
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Categories: Aetna, Industry News, and Medicare Supp./Adv..

Reminder: Genworth Simplifies Underwriting Categories for Individual Long Term Care New Business

Last year, we simplified our underwriting process. We stopped automatic blood and lab requirements for applicants under age 60 and reduced other requirements at various ages. This year, we launched our eSuite of new business tools which provides a whole new level of speed, simplicity and convenience. On November 20, 2017, to further simplify an streamline our new business process, we are reducing our four underwriting categories to two, select and Standard, with no rate changes in these categories. We will no longer offer the Preferred Best and Preferred categories on applications received at Genworth’s home office on or after
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Categories: Genworth, Industry News, and Long-Term Care.

New Withdrawal/Surrender Request Form for Internal Replacements

Effective December 1, 2017 we will now require the Withdrawal/Surrender Request form  WithSurr0917 to be completed and sent to New Business when doing an Internal Replacement of an existing policy. This form is required prior to printing any internal replacement policy and is only required on non-1035 applications. It is available for download on TAANI under Forms Finder. It can also be attached and submitted with the application in iGO. On the form, you will need to complete the following sections: Section 1, completed in its entirety Section 2, under “Surrender Options” — In special instructions provide the following verbiage
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Categories: Industry News, Life Insurance, and Transamerica.

“LTC Product Sales Rise 12%: LIMRA”

“LTC Product Sales Rise 12%: LIMRA,” by Allison Bell, ThinkAdvisor “Stand-alone long-term care insurance (LTCI) may continue to be in the doghouse, but overall sales increased 12% in 2016, according to data from LIMRA. LIMRA analysts report in a new commentary that premium revenue from new sales of three major categories of long-term care (LTC) planning products increased to $4.3 billion last year, from $3.8 billion in 2015. New sales of individual stand-alone LTCI fell 13%, to $228 million, but sales of individual annuities that offer LTC benefits increased 2.1%, to $480 million.” LTC Comment (from Stephen A. Moses, President,
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Categories: Industry News and Long-Term Care.

“Why LTC Needs to Be Included in a Retirement Plan, Pt. 2: Five Strategies for Communicating With Prospects”

“Why LTC Needs to Be Included in a Retirement Plan, Pt. 2: Five Strategies for Communicating With Prospects,” by Sandra Timmerman, ThinkAdvisor “How do financial professionals and sales associates talk to clients about the subject of long-term care in a way that doesn’t scare them and can help them think about an uncertain future? One person told me ‘I’m scared enough already, I don’t need to hear more statistics about how I will need long-term care.’ Here are five ideas worth considering in helping clients understand the value of long-term care planning and why they should get started sooner rather
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Categories: Industry News and Long-Term Care.