In this GoldenCare Newsletter Edition From GoldenCare: Update Your Contracts The newest version of LTC CEO Office, Home and Internet Selling Tools Software is now available! Making a good decision on whether or not to own Long Term Care insurance depends upon receiving factual information on the subject. LTCCEO was developed to offer our clients the knowledge they need to make wise decisions. Find out how to get your copy here. Diversify your portfolio for greater sales success! Our new training schedule is posted! Join us for complimentary product and sales training and receive a Continuing Education Voucher for each
Read More
“Why does one of the most needed jobs pay so poorly?”
“Why does one of the most needed jobs pay so poorly?,” by Paul Solman, PBS “With about 10,000 baby boomers retiring every single day, home care is one of the fastest growing, most needed occupations in America. But there’s a problem: The current median pay is just $10.49 per hour. Economics correspondent Paul Solman reports on why these vital workers get paid so little. … Paul Solman: But with growing demand, not enough workers, basic economics says wages simply have to go up. The catch, home care is dominated by one payer. Yes, some is paid for privately through long-term
Read More
“Long-term nursing care turnover linked to low Medicaid payments”
“Long-term nursing care turnover linked to low Medicaid payments,” by Rick Kelly, Valley Morning Star “A study by the Texas Health Care Association, a nonprofit trade group representing nursing homes, says the annual turnover rate for certified nursing assistants is 97 percent. The churn rate for registered nurses and licensed vocational nurses is almost as high, coming in at 90 percent, according to a THCA study released this year. … Warren said the low Texas Medicaid reimbursement means a long-term care facility is only paid about $6 per hour per patient for care, which hampers a nursing home company’s ability
Read More
““Medicaid Managed Care: Improvements Needed to Better Oversee Payment Risks”
“Medicaid Managed Care: Improvements Needed to Better Oversee Payment Risks,” Government Accountability Office “Almost half—$171 billion—of Medicaid spending in 2017 went to managed care organizations (MCO). In Medicaid managed care, states pay a set periodic amount to MCOs for each enrollee, and MCOs pay health care providers for the services delivered to enrollees. Used effectively, managed care can help states reduce Medicaid costs. However, managed care still is at risk of making incorrect payments, such as duplicate payments or payments for ineligible patients. We identified 6 types of payment risks: 4 related to state payments to MCOs, and 2 related
Read More
“What the World’s Biggest Asset Manager Recommends to Boost Retirement Savings”
“What the World’s Biggest Asset Manager Recommends to Boost Retirement Savings,” by Bernice Napach, ThinkAdvisor “BlackRock, the world’s largest asset manager, wants the federal government to make it easier for employees to participate in defined contribution retirement plans and for employers to offer those plans. In both cases many don’t. According to the latest available stats from the Labor Department (from March 2017), 59% of U.S. employees have access to DC plans but only 40% participate in those plans. … BlackRock offers multiple recommendations to help increase the availability of DC funds and participation by employees — ‘bipartisan ideas that
Read More
“What Are Senior Citizens’ Biggest Financial Regrets From Their Twenties?”
“What Are Senior Citizens’ Biggest Financial Regrets From Their Twenties?,” by Mike Brown, LendEDU “In our latest survey of 1,000 senior citizens, LendEDU sought to uncover how older Americans are faring financially and if they made the right decisions throughout life to live comfortably in their later years. … Here were a few key takeaways from the study: 55% of senior citizens said they have not saved enough for retirement, 18% were not sure if they had enough saved, and 27% felt as if they did 21% of older Americans, the plurality, indicated that their biggest financial regret from their twenties
Read More
Senior Assessment Underwriting Requirement Changes
In April, we announced that a Senior Assessment would be required for all fully-underwritten life insurance policies when the client was age 66 and over and was applying for a face amount of $500,000 and above. Beginning August 1, 2018, we have revised this requirement. The Senior Assessment will only be needed for clients ages 66 to 70 with coverage amounts of $500,000 to $1 million when the client is applying for the Long-Term Care Rider. The Senior Assessment will be completed at the time of the paramedical examination. Since the paramedical companies will not know if an LTC rider
Read More
Holiday Telephone Solicitation Bans for the Month of August 2018
Please be aware of the following holidays requiring a holiday telephone solicitation ban for the month of August 2018. On Monday, August 13, 2018: Rhode Island prohibits unsolicited marketing calls to residents in observance of Victory Day On Thursday, August 30, 2018: Louisiana prohibits unsolicited marketing calls to residents in observance of Huey P. Long Day Holiday Telephone Solicitation Bans for the Month of August 2018 #goldencareagent #mutualofomaha
Read More
Genworth’s 2018 Commission Pay Schedule
Genworth is changing the timing of the end of year paydown. October 5, 2018 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 5, 2018. The $50 minimum payment requirement will resume after October 5, 2018 and will continue through the next commission pay down in 2019. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 8, 2018. Genworth will resume normal commission payments that have met the
Read More
In-Force Rate Action Announcement: Connecticut (PCS I, PCS II)
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. Connecticut has now allowed the following increases: Connecticut Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 48.2% phased 14%, 14%, 14% cumulative 48.2% phased 14%, 14%, 14% cumulative PCS II 30.6% phased 9.3%, 9.3%, 9.3% cumulative 30.6% phased 9.3%, 9.3%, 9.3% cumulative This rate increase applies to Partnership and Non-AARP policies.
Read More