Good News! | Genworth Will Launch Element℠ On June 27th

Genworth to Launch Element℠ Genworth is working to help make long-term care insurance more accessible through underwriting enhancements and more affordable solutions. On June 27, Genworth will launch Element℠, a long-term care insurance solution based on their flagship Privileged Choice® Flex 3 product. Element features one underwriting category, and four preset benefit packages. There are just two decisions to make: determine which level of protection your clients want, and for couple, whether to select the optional Shared Benefit. Element lauches early next week! Review plan & launch details here. Click here to add Genworth LTCi to your appointments. If you
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Categories: Genworth, GoldenCare News, and Long-Term Care.

GoldenCare Newsletter | June 20, 2016

In This Newsletter Edition This edition is loaded with announcements!    Catch up on  all the latest including: Mutual of Omaha’s LTCi is now available on Mutual of Omaha’s mobile quote app, MoO is releasing a new Cancer product in Florida, new LTC e-app enhancements and update life insurance product portfolio and underwriting guides. MedAmerica has a rate increase update on CareDirections Simplicity – please see the newsletter to see if your state is included. Genworth is launching Element℠ – a new Long-Term Care Insurance Solution on June 27th!  They also have a new consumer website to help you and your
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Categories: GoldenCare News, Industry News, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

Updates to Long Term Care Insurance Forms

On June 27, Genworth Long Term Care Insurance Company, will make changes to some new business forms. We have outlined the changes below. Changes for Privileged Choice® Flex 3 Signatures Required – In response to requests from regulators, we are updating the coverage selection form for Privileged Choice® Flex 3 (Flex 3) to include an applicant signature. This change is effective in all Flex 3 states, except Montana. The updated form will be available in the Applicant and company Material and Forms  booklet in kits on June 27. You must switch to the new coverage selection form no later than
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Categories: Genworth and Long-Term Care.

“Health care costs eating up Social Security benefits, early retirees say,” by Marlene Y. Satter, BenefitsPRO

“One problem faced by potential retirees is that they don’t know how much of a benefit to expect from Social Security once they do start drawing checks. Future retirees say they expect to get $1,610 in monthly Social Security benefits. Recent retirees report their actual monthly benefit is about $1,378, while those who have been retired longer reported receiving just an average of $1,185 per month.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Prospective Social Security benefits are complicated to compute, but it can be done.  I wonder if helping prospects estimate future SS benefits
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Categories: Industry News and Long-Term Care.

“Alzheimer’s: Why actuaries shouldn’t bet on a cure,” by Stacey Burling, Philly.com

“Vince Bodnar, chief actuary for LTCG, which provides actuarial services to the long-term-care insurance industry, cautioned fellow actuaries that even a highly effective Alzheimer’s drug will reduce costs only so much. Dementia is a disease of the elderly, and many have other serious health problems. A new Alzheimer’s drug ‘won’t completely take away people’s disabilities,’ he said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Actuary and author Bodnar of Center-corporate-member LTCG tells it like it is. Alzheimer’s: Why actuaries shouldn’t bet on a cure #goldencareagent
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Categories: Industry News and Long-Term Care.

“How Much Will Your Health Expenses Be in Retirement?,” by Glenn Ruffenach, Wall Street Journal

“A healthy 65-year-old couple can expect to pay, on average, $266,589 for insurance premiums and $128,365 for related expenses, according to HealthView Services.  …  ‘Excellent health, ironically, can actually raise an individual’s lifetime health spending needs because of the likelihood that healthy 65-year-olds will live much longer.’  …  Note: Neither report accounts for possible long-term-care expenses. For that piece of the puzzle, check out Genworth Financial GNW 2.27 % ’s 2016 “Cost of Care Survey.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Two key insights to share with prospects and clients:  (1) the healthier you
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Categories: Industry News and Long-Term Care.

“MACPAC: Medicaid spending for long-term care ‘disproportionate’,” by Emily Mongan, McKnight’s LTC News

“Medicaid is the largest payer of high-cost services like long-term care, MACPAC noted in its June 2016 Report to Congress. The program finances one-third of the country’s nursing facilities; and spent $169 billion on long-term supports and services in fiscal year 2012.  That amount added up to roughly 43% of Medicaid’s total expenditures for FY 2012, despite just 6.2% of Medicaid beneficiaries needing LTSS, the report found.  …  MACPAC’s Report to Congress also covers financing reforms and trends in Medicaid spending. Click here to read the full report.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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Categories: Industry News and Long-Term Care.

Kick It In Gear For Cash This Summer!

  Not Selling Custom Solution LTC Yet? Click Here to add this product to your appointments. And Join Us for complimentary product training! All applications for Promotion 1. and 2. must be written between 04/01/2016 and 06/30/2016. All applications for Promotion 3. must be written between 02/01/2016 and 12/31/2016. To qualify, coverage must ultimately be issued and accepted, with Annualized Premium per Applicant averaging no less than $1,000.  You must be an appointed agent with either American Independent Marketing or GoldenCare USA to participate.  Does not apply to captive agents/agencies, and certain MGA’s and GA’s. The 3-in-1 Promotion is considered
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Categories: GoldenCare News, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Gerber Life will Begin Paying Weekly Commissions on June 6th

Commission cycles will run every Monday for the prior week’s business, except on a company holiday. If a holiday falls on a Monday, the commission cycle will run the following business day. The Gerber Life Weekly Commission Run Cycle and Payment Dates memo is available for download in the Agent Documents section of the Agent Portal under On-Boarding. Gerber Life will Begin Paying Weekly Commissions on June 6th #goldencareagent #GerberLife
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Categories: Gerber Life.

Policy Effective Date Change for Accidental Death

Currently on Accidental Death applications the effective date is set as the date the application was signed. This process occasionally resulted in confusion on billing cycles when the policy was signed well in advance of the policy being issued. In order to improve the customer experience effective June 18, 2016 the effective date will be set as the date we issue the policy. If you have any questions, please contact your Sales Director or Mutual of Omaha’s Sales Support at 1-800-693-6083. Policy Effective Date Change for Accidental Death #goldencareagent #MutualOfOmaha
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Categories: Life Insurance and Mutual of Omaha (& Affiliates).