“The annual Medicare Advantage dance avoids the bigger issues of entitlement,” by Editorial Board, Washington Post

“If the experience of recent years is any guide, the government will finally settle on a new funding figure that is somewhat more to the industry’s liking, and the kerfuffle will go away for another year. Taxpayers might wonder, however, whether this annual Beltway ritual is really the most efficient or transparent way to allocate billions of their dollars — or what would happen if we could put the same energy and resources behind a structural reform of Medicare and other entitlements.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): I agree it’s probably just another
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Categories: Industry News and Medicare Supp./Adv..

“Women outlive men but suffer long years of disability,” by Lisa Rapaport, Reuters

“Women may have a longer life expectancy than men, but they are spending more of their golden years living with disabilities, a U.S. study finds. …  After age 65, women consistently spent an estimated 30 percent of their remaining years with a disability. Men, on the other hand, started out spending 22 percent of their remaining years after 65 disabled and saw that decrease to 19 percent by the end of the study.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More evidence “compression of morbidity” is not the LTC panacea predicted. Women outlive men but
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Categories: Industry News and Long-Term Care.

GoldenCare Newsletter March 21, 2016

In this GoldenCare Newsletter Edition Genworth has made changes to help more clients obtain Long-Term care insurance!    From Mutual of Omaha:  Coming Soon: A New Way to Offer DI, imagine an entirely new way to offer disability income protection. Don’t miss this edition’s Carrier updates and announcements and register for our complimentary sales and product training events! Read Full GoldenCare Newsletter, March 21, 2016
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Categories: Genworth, GoldenCare News, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Next round of in-force rate action notifications to take place in late April

In late April, we will begin policyholder notifications on the next round of John Hancock and Fortis policies impacted by the in-force rate actions, which will have an effective date beginning with anniversaries on or after July 1, 2016. The 2013 rate action notifications will include John Hancock LTCI individual policies originally issued in Delaware, Louisiana, Mississippi, New Jersey, North Carolina, South Carolina and Texas.  Also, we will continue the implementation of the 2013 rate increase in Connecticut and Maryland for policyholders who have received an initial “capped” or “phased-in” increase.  Fortis LTCI individual policies originally issued in Delaware, Mississippi,
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Categories: John Hancock and Long-Term Care.

Underwriting Enhancements Make New Business Process Faster and Easier

Genworth continues to invest in enhancing underwriting practices that help make long term care insurance more accessible to consumers. In January and February, we enhanced underwriting with the expansion of allowable impairments and introduced a Counter Offer Program. On April 4, we will make significant changes to underwriting requirements to improve the new business experience for our sales partners and consumers. These changes will help streamline our new business process and make doing business with Genworth faster and easier. On April 4, Genworth will make the following improvements: Reducing Use of Examiner Reports and Labs Examiner reports and labs will
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Categories: Genworth and Long-Term Care.

“Seniors Rush To Medicare’s Star-Rated Plans Under ACA,” by Bruce Japsen, Forbes

“There are now 72 percent, or about 12 million, of the 17 million elderly in private Medicare Advantage products in a plan with a rating of four or more stars on a five-notch scale, according to a new analysis by Avalere Health, a consulting and research firm tracking the rollout of the ACA. When the rating system began five years ago, fewer than one in four seniors were in plans with four-star ratings or above.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Noteworthy article for anyone marketing Medicare Advantage plans. Seniors Rush To Medicare’s Star-Rated
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Categories: Industry News and Medicare Supp./Adv..

“Low Rates Are Tormenting Insurers – and Their Customers,” by Leslie Scism, Wall Street Journal

Low Rates Are Tormenting Insurers – and Their Customers; Long-term-care policies are among hardest-hit “Life-insurance companies are scouring their policies to identify ways to raise rates and fees and lower the amount of interest they have to pay on savings products as low interest rates cut into their profits. The bottom line for policyholders is they have to pay up or relinquish benefits. “The main culprit: the Federal Reserve’s seven-year-old campaign to boost the economy. Life insurers earn much of their profit by investing customers’ premiums in bonds until claims come due. They have typically favored high-quality, long-term corporate bonds
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Categories: Industry News and Long-Term Care.

“Insurance for Critical Illness Adds Security, but at a Cost,” by Tara Siegel Bernard, New York Times

“These policies have become increasingly popular, partly because they are being marketed as a way to provide another layer of financial support now that consumers are shouldering an ever-rising share of medical expenses out of their own pockets.  More employers are offering these policies alongside their high-deductible health plans as well, as way to alleviate financial anxiety.  It’s akin to putting a Band-Aid on the less generous medical coverage — or perhaps a way to nudge employees into feeling more comfortable with a high-deductible policy.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): While this isn’t
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Categories: Critical Illness and Industry News.

“NAHU To Propose National LTCi Program,” by Susan Rupe, InsuranceNewsNet.com

“NAHU is in the planning stage of presenting Congress with a proposal that would provide private-sector solutions that would enable more Americans to buy long-term care insurance, NAHU’s Vice President of Congressional Affairs John Greene told InsuranceNewsNet. These solutions would include: allowing LTCi to be offered as a group benefit that employees would pay for using pretax dollars, permitting employees who are enrolled in 401(k) and 403(b) accounts to use those funds to pay for LTCi, and tightening the eligibility requirements to have Medicaid pay for long-term care.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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Categories: Industry News and Long-Term Care.

LifeSecure Home Office Closed March 25, 2016

Please be aware that LifeSecure’s home office will be closed on Friday, March 25, in observance of Good Friday. All departments will re-open Monday, March 28, at 8 a.m. ET. To view LifeSecure’s complete schedule of modified office hours for 2016, see below or click here. Thank you for choosing LifeSecure Insurance Company! #goldencareagent #LifeSecure
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Categories: Industry News and Life Secure.