“How Much Should the Average American Save for Retirement?”

“How Much Should the Average American Save for Retirement?,” by Maurie Backman, The Motley Fool “The idea of retiring would be much less stressful for most of us if we could somehow pin down the right amount to save. After all, it’s hard to say what our living costs might look like five, 10, or 30 years down the line. Not only that, but because we all have varying goals and needs in retirement, it’s pretty much impossible to come up with a single number that will work well for all seniors across the board.” LTC Comment (from Stephen A.
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Categories: Industry News and Long-Term Care.

“New PGPF report: Debt Limit Uncertainty Returns”

“What You Need to Know about the Social Security and Medicare Trustees Reports,” by Peter G. Peterson Foundation “Are Social Security and Medicare Going ‘Bankrupt’? No, but both programs are on an unsustainable path. The Trustees warn that predictable demographic trends will cause a significant imbalance between funding coming in, and spending going out in the form of benefits.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): By any rational standard, Social Security and Medicare are bankrupt already. They run deficits every year forcing the federal budget to make up the difference and their future unfunded
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Categories: Industry News and Long-Term Care.

“Medicare’s hospital trust fund will run out of money in 2029”

“Medicare’s hospital trust fund will run out of money in 2029,” by Carolyn Y. Johnson, Washington Post “The trust fund that pays Medicare’s hospital expenses will run out of money in 2029, a year later than the most recent projection, according to a federal report. The Social Security program will remain solvent until 2034, a projection unchanged from last year. The annual report from the Social Security and Medicare board of trustees provides a snapshot of the long-term solvency of the federal government’s two biggest entitlement programs.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Oh,
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Categories: Industry News and Long-Term Care.

Reminder: LTCi Agent Guidelines for Multiple-State Sales

Licensing, Appointment and Product Guidelines For Long Term Care insurance (LTCI), the policy will be issued based on the insured’s resident state. Policy delivery is required in the same state. Consequently, the soliciting agent must be licensed and appointed in both the state in which solicitation occurs and the resident/delivery state of the insured. Agents should only solicit a prospective policy owner or contract holder under circumstances in which the policy form being solicited is filed and approved in the state in which it is to be delivered, which in the case of LTC insurance is the resident state of
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Categories: Genworth, Industry News, and Long-Term Care.

GoldenCare Newsletter | July 17, 2017

In this GoldenCare Newsletter Edition From GoldenCare: Join us for brand new webinar topics including a special Double Header on Thursday featuring Harry Crosby! See our full list of hot topics. PROMO TIME!!   Get your Careshield, Mutual of Omaha Custom Solutions and GTL Critical Cash apps in for our Amazon.com Gift Card Blowout!  See the Newsletter for details on this exciting promotion. Introducing Double-Dip Careshield!  With TWO CareShield promotions, you can earn up to $250 per case.   See the Newsletter for details and get in on the CASH! Our Guest Article in this edition is “Thinking Boomer: Understanding This Generation
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Categories: GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), and Transamerica.

“How the Medicaid Debate Affects Long-Term Care Insurance Decisions”

“How the Medicaid Debate Affects Long-Term Care Insurance Decisions,” by Ron Lieber, New York Times “Something will have to give if we are to take the senators responsible for this bill at their word, and plenty of readers are taking them literally. So the question I’ve heard most in the last two weeks is this: How seriously should I consider getting some kind of insurance to cover my care in case big Medicaid cuts are on the horizon? . . . Given how strapped Medicaid is likely to become and how many more of us will live long enough to
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Categories: Industry News and Long-Term Care.

In-Force Rate Action Announcement: Illinois (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Illinois has now allowed the following increase: Illinois Product Series Increase Percentage Privileged Choice 51.5% Classic Select 51.5% This rate increase applies to both Non-AARP and AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin July 25, 2017 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth to Implement Partnership Changes July 31, 2017

Effective July 31, 2017, Genworth will implement updates for Partnership Programs in Idaho, Maryland, Maine, New Mexico, and Pennsylvania. Policies that were sold on or after the state’s effective date, that meet the updated guidelines will receive notification from Genworth about this change. Idaho (Effective Date 3/25/16) reduced the inflation protection requirements to qualify for their partnership program. The following outlines the requirements by age: 40 – 60 2%, 3%, 4% or 5% compound inflation protection 61 – 75 2%, 3%, 4% or 5% compound or 5% simple inflation protection 76 + Inflation protection is not required There will be
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Categories: Genworth and Long-Term Care.

“NIC: Assisted Living Occupancy Plummets to Record Low”

“NIC: Assisted Living Occupancy Plummets to Record Low,” by Mary Kate Nelson, Senior Housing News “Assisted living occupancy is continuing to fall nationwide, according to data released Wednesday by the National Investment Center for Seniors Housing & Care (NIC). The average occupancy rate for assisted living properties across the country fell to 86.5% in the second quarter of 2017. That’s 0.7 percentage points lower than the average occupancy rate in the first quarter of 2017, and 1.4 percentage points lower than the average occupancy rate recorded a year earlier. The second quarter’s average assisted living occupancy rate is also tied for the
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Categories: Industry News and Long-Term Care.

“Chocolate consumption could improve cognitive function”

“Chocolate consumption could improve cognitive function,” by Alyssa Salela, McKnight’s Senior Living “Daily intake of cocoa or chocolate could improve cognitive performance, especially in vulnerable populations such as the elderly, according to a recent review of literature on the topic. . . . In the studies examined in the review, flavanols were shown to improve attention, processing speed, working memory and verbal fluency when ingested daily anywhere from five days to three months. The effects were greatest when a person’s memory was beginning to decline or if the person had other mild cognitive impairments.” LTC Comment (from Stephen A. Moses, President,
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Categories: Industry News and Long-Term Care.