“How to keep nursing home costs from devouring your life savings,” by Lou Michael, Buffalo News “The state Health Department estimates the average annual cost of nursing home care in the Buffalo region at about $123,000, but it can be substantially more depending on the facility. Cappiello’s monthly checks to Elderwood at Lockport will add up to $144,000 by the end of this year. But he could have protected hundreds of thousands of dollars from the nursing home. Though complex, existing laws provide people with a pathway to protect their assets, become legally poor and qualify for publicly funded Medicaid
Read More

“A change is happening in Maine with wide-ranging effects: State is seeing more deaths than births,” by Brian MacQuarrie, Boston Globe “But across the state, the rapid aging of Maine’s population — a trend known by some as the “silver tsunami” — has reached a crucial tipping point, many say. As baby boomers head into retirement, and many young people move away in search of opportunity, Maine is one of only two states, along with West Virginia, where deaths now outnumber births. That gulf is reshaping life here in myriad ways, from shrinking the workforce to intensifying the demand for
Read More

“Secrets From the Medicare Advantage Producer Comp Spreadsheets,” by Allison Bell, ThinkAdvisor “Federal regulators have set tight rules for agent compensation at Medicare Advantage plans — but most of the issuers are interested enough in new business that they will pay some compensation to agents. The Centers for Medicare and Medicaid Services (CMS), the federal agency in charge of the Medicare Advantage program, tells the tale in two spreadsheets it has posted in the agent broker compensation section on the Medicare managed care marketing section of its website. Issuers said they pay no commissions for some sales of 69% of the
Read More

“Brighthouse Prepares to Launch Life-LTC Hybrid,” by Allison Bell, ThinkAdvisor “Brighthouse Financial Inc. is preparing to introduce an indexed universal life (IUL) insurance policy designed for the long-term care (LTC) planning market. The new Brighthouse SmartCare IUL policy will offer purchasers access to a rider that can provide a pool of LTC benefits with a value linked to the performance of an investment index. Eric Steigerwalt, the president of Brighthouse, talked about the new IUL product today, during a conference call Brighthouse held to go over the company’s earnings for the fourth quarter of 2018 with securities analysts.” LTC Comment
Read More

“Announcing the Minority Aging Statistical Profiles,” Administration for Community Living “The older population is becoming more racially and ethnically diverse as the overall minority population in the U.S. experiences greater longevity. Racial and ethnic minority populations have increased from 6.9 million in 2006 (19% of the older adult population) to 11.1 million in 2016 (23% of older adults), and are projected to increase to 21.1 million in 2030 (28% of older adults). This page provides information on minority older adults in the U.S. For additional information, visit the Profile of Older Americans. Statistical Profiles African Americans Age 65+ American Indians and
Read More