Change in Hours of Operation

Genworth Call Centers to Close at 6 PM Eastern Time Effective February 29, 2016, Genworth will change our hours of operation to close at 6:00 PM Eastern Time instead of 8:00 PM Eastern. All inbound call centers will close at 6:00 PM, with the exception of the Long Term Care Insurance California Rate Action Team (8:00 PM ET) and the Long Term Care Insurance Prequalification Underwriting hotline (7:00 PM ET). If you have any questions about these changes, please contact your Genworth Sales Team. Change in Hours of Operation: Call Centers to Close at 6 PM ET #goldencareagent #Genworth
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Categories: Genworth.

Announcement from LifeSecure Insurance Company

It is with great sadness that we announce the passing of our former President and CEO, E. Lisa Wendt. Lisa passed away on Saturday, Feb. 13, at her home, with her husband, Frank, at her side. Lisa was an integral part of the LifeSecure family. After joining LifeSecure in 2005, she provided invaluable leadership to the company until her retirement in December 2013. Her Long Term Care Insurance (LTCI) expertise, vision, and innovative foresight helped set our company on the path to continued success. An experienced family caregiver, her passion for advocating for LTC planning and protecting care recipients, caregivers,
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Categories: Industry News and Life Secure.

Upcoming Rate Adjustments

Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha and we intend to remain a key player in this market for years to come. In order to fulfill this commitment, we actively monitor emerging industry trends as well as our own experience so we can make the adjustments necessary that will allow us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, we will be implementing the following rate adjustments effective May 1, 2016: Block of Business Impacted States NHA, LTA, HCA, LT50, NH50 North Dakota and Oklahoma LTC06UI Oklahoma LTC04G
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Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

MedAmerica Exits the Market… What’s Next?

With MedAmerica exiting the LTC Insurance Market, what are you planning to do next? With this line of business being so incredibly important in planning for your clients’ financial futures, consider appointing with Mutual of Omaha. Mutual of Omaha Highlights: Strong Financial Ratings: A.M. Best affirmed our A+ (Superior) rating 12/2015. MedAmerica’s old Cash policies were extremely attractive: Mutual of Omaha’s Custom Solution plan has a built-in 40% First-Day Cash Benefit for informal care. The Custom Solution plan has some of the greatest flexibility in LTC, including: 1% to 5% Compound Inflation with Guaranteed Buy-Up 200% Professional HHC Option Security
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Categories: GoldenCare News, Industry News, Long-Term Care, MedAmerica, and Mutual of Omaha (& Affiliates).

Connecticut Training Requirement

Effective January 1, 2016, the Connecticut legislature passed a bill (Public Act 15-236) that was signed by the governor.  This bill addressed many issues dealing with senior abuse within the state.  One part of this bill is that certain individuals within the insurance industry must partake in a mandatory elder abuse detection training program.  The state recently developed and posted this training which you must take, as a licensed agent. The training consists of a generic video, approximately 13 minutes in length, and a plain Power Point slide presentation (no audio) specifically aimed at the insurance industry.  You are required
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Categories: Industry News.

“Long-term care insurance could help defuse the looming baby boom retirement ‘disaster’, ” by Susan Ladika, Managed Care

“Already, long-term care for seniors costs an estimated $231 billion each year, according to the American Council of Life Insurers (ACLI).  That equals 7.5% of all money spent on health care in a given year.  Medicaid and Medicare each cover about a third of those costs, while patients and their family members shoulder 20% of the burden, or $46 billion in out-of-pocket expenditures. …  One possible way to spread the financial burden is through private long-term care insurance.  The ACLI calculates that if one quarter of consumers purchased long-term care insurance, Medicaid would wind up shouldering 25% of the country’s
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Categories: Industry News and Long-Term Care.

Genworth Receives Downgrade From Rating Services

Following the announced suspension of traditional life and annuity sales, Genworth Life Insurance Company has been downgraded by A.M. Best to B++, and by Standard & Poor’s to ‘BB’. Genworth leadership understood this could be the outcome of their restructuring, so the downgrades did not come as a complete surprise. However, Genworth is committed to the long-term care (LTC) business moving forward and their intent is to do everything in their power to work their way back to an “A” company. Genworth has made many positive underwriting changes on their long-term care insurance, and has plans to launch a new
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Categories: Genworth, Industry News, and Long-Term Care.

GoldenCare Good News!

Good News GoldenCare’s Promotion on GTL’s Critical Cash product HAS BEEN EXTENDED!   Your Critical Cash™ and Critical Care issued business will now count through March 31st. Agents currently writing GTL’s Critical Cash/Critical Care: THIS IS YOURS: Agents waiting to contract with GTL: THIS IS YOUR MOTIVATION! Read Full Good News Article for Details! #goldencareagent #GTL
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Categories: Critical Illness, GoldenCare News, and Long-Term Care.

LTCI Tax Advantages

Your clients may be eligible for tax advantages when paying premiums for tax-qualified LTCI policies. For more information for the 2015 tax year, including maximum deduction amounts by age, click here. Increased deduction amounts and additional information for 2016 can be found here. NOTE: LifeSecure does not offer tax or legal advice. #goldencareagent #LifeSecure
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Categories: Life Secure and Long-Term Care.

Important Product News

Please note, we have updated our long term care insurance products as follows:1 LifeStyle Solutions and LifeStyle Solutions Select: Lifetime Benefit Period and Zero-day Elimination Period no longer offered Comprehensive Tax-Qualified and Non-tax-qualified: Lifetime Benefit Period no longer offered Stand-alone Home Health Care: Lifetime Benefit Period no longer offered These changes take effect immediately and are reflected in the latest version of our quoting software “USA IS 2.27”.  You can easily download the software at our website.2  If you are not able to download the quoting software, call our Marketing Team for help or to have an illustration done for
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Categories: Long-Term Care and United Security.