New Cost of Care Feature! Print to PDF Functionality

Cost of Care Website Enhancement In surveying Cost of Care users, we found that 50% of respondents had an interest in the ability to print results to pdf. Based on that feedback we have updated the Cost of Care website, making it simpler to use when discussing the cost of long term care with your clients. This Print to PDF functionality is available on both the Producer and Consumer sites, through one of two icons located on the web page. To print and save results, simply click on the Adobe icon in the top right or middle of the page.
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Categories: Genworth, Industry News, and Long-Term Care.

“Low interest rates a growing threat to Social Security,” by Harvard Zhang, MarketWatch

“Record-low yields on U.S. Treasurys endanger the long-run solvency of Social Security and the future retirement benefits for younger generations of Americans, economists say. Newer Treasury bonds held by the trust fund have been earning less for years, the consequence of sluggish economic growth and persistently low interest rates. The Federal Reserve has kept its benchmark short-term rate at or near zero for more than seven years in an effort to stimulate the economy. Even with the Fed’s extended easy-money approach, the U.S. economy has not grown fast enough to generate the necessary tax income to help fund all its
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Categories: Industry News and Medicare Supp./Adv..

“The Mega-List of Caregiver Support Strategies and Resources,” CaregiverStress.com

“When senior clients are the focus of your professional care, you may not hear about how their family caregivers are doing. But family caregivers’ needs and stress levels can directly impact the senior’s well-being too. Proactively offering referrals to local and online support resources can make a big difference in improving the life of the caregiver, and in turn your senior client. Get started with this mega-list of support strategies and resources.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): A reasonable value to add to advisers’ services. The Mega-List of Caregiver Support Strategies and Resources
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Categories: Industry News and Medicare Supp./Adv..

“7 (relatively) easy insurer ideas for saving long-term care insurance,” by Allison Bell, LifeHealthPRO

“The insurer reps said their companies would like to see policymakers moving beyond the mindset of the 1980s and 1990s, when interest rates were much higher and actual LTCI experience was scarce. They said their companies also could use a law that would let 401(k) plan and individual retirement account holders use account funds to pay long-term care insurance premiums, and a new federal income tax break for people who buy private long-term care insurance policies. Congress has been debating those kinds of proposals for many years. The debates typically grind to a halt because of Democrats’ concerns that the
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Categories: Industry News and Medicare Supp./Adv..

“Senior surprise: Getting switched with little warning into Medicare Advantage,” by Susan Jaffe, Washington Post

“’I felt like I had insured myself properly with Medicare,’ she said. ‘So I quit paying attention to the mail.’ With Medicare’s specific approval, a health insurance company can enroll a member of its marketplace or other commercial plan into its Medicare Advantage coverage when that individual becomes eligible for Medicare. Called ‘seamless conversion,’ the process requires the insurer to send a letter explaining the new coverage, which takes effect unless the member opts out within 60 days.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Seems like a pretty good reason to have agents involved
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Categories: Industry News and Medicare Supp./Adv..

“Lawmakers want answers to long-term care premium hikes,” by Meredith Somers, Federal News Radio

“Two Virginia congressmen are demanding answers from the Office of Personnel Management on why the premiums for the Federal Long Term Care Insurance Program are rising by as much as 126 percent. Earlier this month OPM announced that premiums would rise anywhere from 0-126 percent for long-term care insurance.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): I’d be glad to explain.  Congress eliminated demand for LTC insurance by making Medicaid benefits available after the insurable event occurs.  Then the Fed eliminated LTCI’s profitability by forcing interest rates to zero in order to enable Congress’s deficit
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Categories: Industry News and Long-Term Care.

Important Compliance Related Reminders and Updated Producer Compliance Manual

A vital element for the success of the Genworth Financial family of companies (referred to collectively as “Genworth”) is a strong commitment to high standards of business practices and conduct in the marketplace. As part of this commitment, Genworth’s Code of Ethical Market Conduct represents our company’s view of how producers must operate on a daily basis.  This Code creates the foundation of our market conduct philosophy.  As a producer representing one or more of the Genworth companies (“Company”), it is your professional responsibility to: Make recommendations and present products based on an analysis of the insurable needs or financial
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Categories: Genworth and Industry News.

LifeSecure Names New President & CEO, Adds Chief Operating Officer

Kevin Stutler, LifeSecure President & CEO LifeSecure Insurance Company has announced the appointment of Kevin Stutler as president and CEO, effective July 14, 2016. The move follows the departure of former LifeSecure president and CEO Tiffany Albert, who accepted the position of president and CEO of Blue Care Network, which like LifeSecure is part of the Blue Cross Blue Shield of Michigan (BCBSM) enterprise (click here for additional information). LifeSecure also named Patrick J. Prichard as chief operating officer (COO). “Tiffany was instrumental in helping LifeSecure reach new heights and strengthening our standing as a prominent national carrier. We thank
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Categories: Industry News and Life Secure.

GoldenCare Newsletter, July 25, 2016

In this Newsletter Edition: GoldenCare News:  Register for one of our online training events and receive a Complimentary CE Voucher just for attending!  See newsletter for details and some restrictions.     Also, don’t miss our 3-in-1 Promotion winners!   Congratulations and thank you to our 1st Quarter Promo winners!    Get your apps in to earn cash during the third quarter of our Promo, running now through September 30th! Compliance news on Medicare Part D Certification.   Mutual of Omaha has a revised MutualCare Solutions Product and Underwriting Guide available to navigate you through the field underwriting process.    Also, from Mutual of Omaha, a
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Categories: GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“Long-term care insurance market gets first new issuer in 10 years,” by Allison Bell, LifeHealthPRO

“The National Guardian Life Insurance Co. is starting to market EssentialLTC, a new stand-alone long-term care insurance policy.  The Madison, Wisconsin-based life insurer is the first insurer to enter the U.S. market for stand-alone long-term care insurance products in more than 10 years. The policy will pay for facility-based long-term care services, such as nursing home care, and comprehensive home and community-based long-term care services.  National Guardian Life, a policyholder-owned mutual insurer, is best known as a seller of insurance policies that help the purchasers cover funeral costs and related costs.  The LifeCare Assurance Co. of Woodland Hills, California, is
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Categories: Industry News and Long-Term Care.