“With Americans living longer and the Great Recession walloping employees’ nest eggs, a new CareerBuilder study estimates half of U.S. workers at least 60 years old don’t think they’ll be able to retire until 70 at the earliest. And 1 in 5 doesn’t think retirement will ever be in reach.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Older people working longer crowd out jobs for young people getting started. We’ll see the ramifications of this trend for decades. 1 in 5 Older Americans Doesn’t Ever Expect to Retire #goldencareagent
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In-Force Rate Action Announcement: New Jersey (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. New Jersey has now allowed our requested increase, and the details of the implementation of this premium change can be found within the announcement. This rate increase also applies to AARP policies. Servicing agents will receive a list of their impacted
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Genworth and Long-Term Care.
Genworth Launches eSuite of New Business Tools
Genworth is launching an eSuite of new business tools on April 3, 2017. Genworth’s eSuite of new business tools provides a paperless solution for the entire selling process. Genworth’s eSuite of New Business Tools includes: Updated Quoting We have made some enhancements to our quoting experience. One enhancement is the addition of our Element Packages within the quoting tool. The updated quote also displays side by side product descriptions so you can quickly select between an Element package or customize Privileged Choice® Flex 3 plan. eApplication The application is still the application, but our eApplication (eApp) is more than just
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Genworth and Long-Term Care.
“Policyholders in Limbo After Rare Failure of Insurer,” by Mary Williams Walsh, New York Times
“Something unusual happened last month: A good-size American insurer, Penn Treaty of Allentown, Pa., was ordered to liquidate and wind down its affairs. Its demise will orphan tens of thousands of policyholders — people who bought its long-term-care insurance to shield their families from crushing nursing home costs.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Not to beat a dead horse, but this story is in the New York Times so merits notice as so many will read it. Policyholders in Limbo After Rare Failure of Insurer #goldencareagent
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Manhattan Life: Rate Adjustment for West Virginia
Manhattan Life Delivers Again in West Virginia! We are pleased to announce that effective May 1, 2017, Manhattan Life is implementing a 6% rate decrease on Plan G and a 3% rate decrease on Plan N in West Virginia. Plans A, C and F will experience a 5% increase. The effective date for these rate adjustments is May 1, 2017. 7% Household Discount has been added in West Virginia! In addition to rate decreases on Plans G and N, any applicant that is married or living with another adult age 60 or over for the last 12 months will be
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“Reverse mortgages have an image problem,” by Mary Beth Franklin, InvestmentNews
“A rose by any other name may smell just as sweet, but when it comes to a home equity loan, one that is labeled ‘reverse mortgage’ just plain stinks. That’s the conclusion of new research released Wednesday by the National Council on Aging (NCOA), a nonprofit advocacy group supporting older adults. Like it or not, finding ways to unlock home equity may hold the key to retirement security for many aging baby boomers.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): What a strange opening sentence for an article singing the praises of reverse mortgages. RMs
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Good News | Instant-Issue Short-Term HHC Now On GTL’s e-App
Short-Term Home Health Care Now Available On GTL’s New e-App! Guarantee Trust Life Insurance Company (GTL)’s new e-App allows agents to get paid faster by using your Apple, Android device or web browser to submit and deliver electronic policies instantly to your clients. And now, GTL’s new Instant-Issue Short-Term HHC is available on the e-App! Now Available: Instant Issue Short-Term HHC Read Full Good News Article
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