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

Delaware, Iowa, South Carolina, Washington D.C. 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. 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 2016, we began requesting the full amount in states that
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Categories: Genworth and Long-Term Care.

“Boomers and their parents come face to face with need for support, care,” by Jerre Redecker, The Olympian

“As baby boomers enter or approach their own retirement, their parents need more support for their physical and cognitive needs. They are the first generation to live long enough to need widespread, yearslong care, and many haven’t planned for it, said David Robinson, a geriatric care manager in Thurston County. ‘It’s the rare person who decides they want to get ahead of change,’ Robinson said. But making a change before it’s a crisis is the goal, he said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Sound advice but public policy in Washington State aims mostly
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Categories: Industry News and Long-Term Care.

“Regulator calls for a long-term care planning shift,” by Allison Bell, LifeHealthPRO

“The head of the Long Term Care Innovation Subgroup says creating a savings mentality has to be part of improving the U.S. long-term care planning system. Teresa Miller, the Pennsylvania insurance commissioner, talked about an effort to shift the country to a long-term care savings mentality in a document prepared for a subgroup meeting held in December.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Worth a look, but the “document” overlooks the reason an LTC “savings mentality” is missing in the first place:  Medicaid desensitizes the public to LTC risk and cost by paying for
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Categories: Industry News and Long-Term Care.

“A Little Optimism on the Future of Retirement,” by Ramesh Ponnuru, Bloomberg

“Retirees may be forgiven for indulging in nostalgia, but all too often our thinking about retirement falls prey to that vice. Criticism of 401(k) plans is once again being voiced, and once again being read against the background assumption that in the good old days we had a better retirement system based on traditional defined-benefit pensions.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): In case you missed the recent media anguishing over the decline of defined-benefit plans and the alleged problems with defined-contributions—which lamentations we didn’t consider worthy to cover in a Clipping—you’d be better
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Categories: Industry News.

“Dementia more common in people who live near highways,” by Lois A. Bowers, McKnight’s Senior Living

“People who live near major state or interstate highways have a greater risk of developing dementia than those who live farther away, according to a study of 6.6 million people published Jan. 4 by The Lancet.  …  The researchers also looked into whether traffic exposure was related to the development of Parkinson’s disease or multiple sclerosis but found no link.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): A new field underwriting standard?   Dementia more common in people who live near highways #goldencareagent
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Categories: Disability Income Insurance, Industry News, and Long-Term Care.

Technical Support Team Offers Assistance via Chat

You now have three convenient ways to connect with the support team when you have a technical issue: call, chat or email. The technical support team helps with issues such as login and account access, website and eApps. Chat has been added allowing you to troubleshoot with a service technician using instant messaging. All technical issues – whether they’re reported via a call, chat or email – will be addressed in the order they’re received. When you call or chat, you’ll see a message that tells you the expected wait time if you’re not immediately connected with a technician. (Note:
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Categories: Mutual of Omaha (& Affiliates).

Medicare Supplement Insurance Premium Rate Changes

Transamerica Premier Life Insurance Company “TPLIC” will be implementing new Medicare Supplement insurance premium rate changes for new sales and inforce policies. The policies that are impacted were originally underwritten by Transamerica Premier Life Insurance Company. The following are the states that will be impacted. State Plan Adjusted Percentage Upload Date New Rate Effective Date Alabama A, F G N 5% unchanged 2% decrease 17% decrease 1/11/2017 3/1/2017 California A, F G N 5% increase 2% increase 5% increase 1/11/2017 3/1/2017 District of Columnbia A, F G N 5% increase 2% increase 18% decrease 1/11/2017 3/1/2017 Michigan A, C, F
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Categories: Medicare Supp./Adv. and Transamerica.

“2017 health, disability and LTCI planner,” by Allison Bell, LifeHealthPRO

“The following 2017 planner was prepared to give you an idea of what’s coming up in Congress, federal agencies, public company reporting, health insurance regulation, data releases, and trade and professional groups that might affect agents, advisors and their clients.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This is a useful planner to check so you don’t accidentally book yourself away on vacation during an important professional conference … as I did once.   2017 health, disability and LTCI planner #goldencareagent
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Categories: Disability Income Insurance, Industry News, Long-Term Care, and Medicare Supp./Adv..

Insurance Producer/Agent Signature Required on Florida Application Part II Medical History Overflow Form

Florida requires the signature of the licensed and appointed insurance producer/agent, along with the Florida license number, on the Application Part II Medical History and Overflow Form. The Application Part II and Overflow Form will be sent with the policy package for signatures. The Licensed and Appointed Insurance Producer/Agent must sign both copies of the Application Part II (including any overflow pages, if applicable) and include the Florida License Number prior to delivering the policy to the insured. Once the insured review, signs, and dates both copies, all pages of one copy, located in the Delivery Requirements section of the
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Categories: Genworth and Long-Term Care.

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

Arkansas, Georgia, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Dakota 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. 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 2016, we began requesting the full amount
Read More

Categories: Genworth and Long-Term Care.