The Transamerica Long Term Care administrative office in Plano, TX will be closed on Monday, Dec. 26, for the holidays. Please allow additional time if necessary to order and receive materials during that time. Much of the important materials and resources you may need will be continue to be available on our Agent Resource Center. Holiday Closure, Dec. 26 #goldencareagent #Transamerica
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Reminder: End of Year Pay Schedule
The holidays are quickly approaching, find out end of year pay schedule below for all of the important end-of-year dates. Mutual of Omaha and its affiliates (United of Omaha, Companion Life Insurance Company, and United World) will be closed on the following days: Monday, December 26, 2016 for the Christmas Holiday Monday, January 2, 2017 for the New Year’s Day Holiday The last pay cutoff in 2016 is December 27 for Life and December 23 for Health. This is the last pay cycle to be paid in 2016. Weekly and holiday pay schedules are available on SPA – Go to
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Requesting Book-of-Business Reports and HIPAA Marketing Authorization
Requesting Book-of-Business Reports Protecting the security and confidentiality of our policyholders’ information is very important to Genworth. Specifically, Genworth and our producers must follow certain rules when handling information related to our policyholders including restricting the transmission or disclosure of that information to the minimum necessary to accomplish the intended purpose. Effective immediately, any request from a BGA or producer for a book-of-business report will no longer be accepted. If a BGA or producer needs a book-of-business report, that information must be obtained from Genworth® PRO. For your convenience, we have included a Producer Reference Guide on how to run
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Genworth and Long-Term Care.
In-Force Rate Action Announcement: Iowa (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. In September 2013, we announced our intention to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequent to that announcement, we received approval for, and implemented, a 12.8% premium increase in Iowa. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In
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Genworth and Long-Term Care.
“What Happens To Long-Term Care If Trump Remakes Medicare and Medicaid?,” by Howard Gleckman, Forbes
“Who will pay for the roughly one of every seven seniors who will incur long-term care costs in excess of $250,000? In today’s system, the answer for many is Medicaid. But, remember, Trump wants to cut the federal share of that program. An alternative: a universal public catastrophic insurance program that would shift some of the burden from Medicaid. My colleagues at the Urban Institute estimate that such a program could reduce Medicaid LTSS costs for those over 65 by one-third. And the insurance industry backs the idea.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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“My Last Patient,” by David Scheiner, Chicago
“The long-term-care insurance we’d bought a while back paid for a nursing aide for 12 hours a day; she came from 7 a.m. to 7 p.m. I took care of Margaret for the other 12 hours, with the help of Margaret’s two daughters, Valerie and Michelle. But I was on call 24/7. I even placed a baby monitor next to Margaret’s bed so that I could be at her side at a moment’s notice. … The fact is, even with the best care and the best insurance, there’s not a system in place in this country to properly manage the
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Study Finds Americans — Including Millennials — are Dying Faster
Turn to an actuary to determine when we will die? The Society of Actuaries’ (SOA) recently published their annual “Mortality Improvement Scale MP 2016,” study which finds Americans—including Millennials—are dying faster… our projected longevity is shorter than last year. For example, the life expectancy for a 65-year-old is six months shorter than last year’s actuarial study. Younger Americans’ longevity has also been shortened this year. The 25-year-old woman that last year had a 50/50 chance of reaching 90 is projected to fall approximately six months short of the longevity estimate this year. A 25-year-old man’s longevity estimate dropped approximately nine
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1099 Tax Form Reminder
It is that time of year when everyone begins to think about tax forms. Please see the following friendly reminders about tax form 1099-MISC, the form used to report miscellaneous income. The 1099-Misc: Is issued to producers with net earnings of $600 or more; It is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year; May report payments for prizes, awards, legal services, and other non-employee activities. 1099M’s are sent as the same time as the 1099-R’s and 1099-I’s — by January 31,
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Mark Your Calendars: Upcoming Business Hours During the Holidays
Happiest of wishes to you and your family this holiday season! Please see the December 2016 and January 2017 holiday business hours below. Note the year-end cut off time is 5 p.m. on Thursday, December 29. Applications processed after 5 p.m. on the 29th will count for 2017. Happy holidays and thank you for being part of the NGL family! December Thursday, December 22 – Normal business hours Friday, December 23 – Offices closed Monday, December 26 – Offices closed Thursday, December 29 – Closing at 5 p.m. CST, *2016 Year-end cut off Friday, December 30 – Offices closing at
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Rate Adjustments Effective March 1, 2017
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 March 1, 2017: Block of Business Impacted States LTC06UI Iowa For a complete rate history, see the state
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