2020 Tax Deductible Limits For Long-Term Care Insurance Announced

The just announced increased 2020 tax deductible limits can be a significant benefit for those with tax-qualified long-term care insurance policies according to the American Association for Long-Term Care Insurance. “Tax deductibility for your long-term care insurance is a great subsidy especially after retirement, but only a small segment of newly purchased long-term care insurance policies offer the tax deductible opportunity,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Internal Revenue Service just announced the increased limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2019-44, a couple age
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Categories: GoldenCare News, Industry News, and Long-Term Care.

“Improper Medicaid payments exceed $57 billion for fiscal year, CMS says”

“Improper Medicaid payments exceed $57 billion for fiscal year, CMS says,” by Lois A. Bowers, McKnight’s Senior Living   “Improper Medicaid payments for fiscal year 2019 are estimated at $57.36 billion, a 14.9% rate, the Centers for Medicare & Medicaid Services said Monday. The amount is an increase from $36.2 billion in fiscal year 2018 (a 9.79% rate), but CMS said data for the two years are not comparable due to changes in the way the agency calculates the measurements. Improper payments now are calculated using the Payment Error Rate Measurement, or PERM, program, which was ‘paused’ from FY 2014
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Categories: Clippings, Industry News, and Long-Term Care.

“Memory care approach cuts antipsychotic med use in more than 50% of residents: study”

“Memory care approach cuts antipsychotic med use in more than 50% of residents: study,” by Lois A. Bowers, McKnight’s Senior Living “A person-centered approach to memory care led to the reduced or discontinued use of off-label antipsychotic medications in more than half of the residents of 53 long-term care communities, including assisted living communities, who participated in a study, the results of which were announced last week. The study was conducted in the Canadian provinces of Newfoundland and Labrador and Prince Edward Island. … Forty percent of assisted living residents in the United States are living with dementia, according to the
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Categories: Clippings, Industry News, and Long-Term Care.

GoldenCare Newsletter | November 18, 2019

Read Full GoldenCare Newsletter, November 18, 2019 Edition In this GoldenCare Newsletter Edition From GoldenCare:   Diversify your portfolio for greater sales success! Join us for product and sales live and prerecorded training.  Stay up-to-date on all the latest and greatest in the industry.    For a list of current topics and to get in on the discussion Click Here. Update Your Contracts LTCCEO Updates: Be sure you’ve got the latest version!  Double click “Check for Updates” on your desktop to receive the latest update or call us at 800-842-7799! Happy Selling! Current Promotion: Check back for our next exciting promotion!
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Categories: GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), National Guardian Life, Securian, and Transamerica.

“Dementia care planning benefit largely untapped: testimony”

“Dementia care planning benefit largely untapped: testimony,” by Alicia Lasek, McKnight’s LTC News “Dementia care planning can reduce emergency room visits and hospitalizations while improving medication management. But relatively few clinicians are aware of Medicare’s care planning benefit, said Robert Egge, chief public policy officer of the Alzheimer’s Association, during recent testimony before the House Ways and Means Committee. In 2017, the first year the benefit was available, fewer than 1% of those living with cognitive impairment received care planning, according to a recent study.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The more Medicare
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Categories: Clippings, Industry News, and Long-Term Care.

“Welcome to ‘Unretirement’: Most Older Americans Say They’ll Keep Working,” by Bernice Napach”

“Welcome to ‘Unretirement’: Most Older Americans Say They’ll Keep Working,” by Bernice Napach, ThinkAdvisor   Quote: “A new Harris Poll conducted on behalf of TD Ameritrade finds that a solid majority of Americans age 40 and older plan to continue working after retiring. And of those who intend to keep working, most plan to work their entire lives.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): How ironic! We used to have to work until we dropped unless we took personal responsibility to save, invest or insure for a secure old age. Then the government insisted
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Categories: Clippings, Industry News, and Long-Term Care.

Thanksgiving Office Closing

Mutual of Omaha and its affiliates (United of Omaha and United World) will be closed on Thursday, Nov. 28, and Friday, Nov. 29, 2019, for the Thanksgiving holiday.   Thanksgiving Office Closing   #goldencareagent #mutualofomaha #thanksgiving
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Categories: Critical Illness, Dental, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

Disability Income Insurance Sales Update

There will be upcoming changes to certain Mutual of Omaha’s Disability Income products in December that will affect Massachusetts and Wyoming only. Due to state regulation changes we are suspending Disability Income Insurance sales in MA and WY. Any applications from these DI products signed after the dates shown below will not be accepted. Impacted DI applications in MA and WY must be processed by December 31, 2019. STATE PRODUCT NAME POLICY NUMBER EFFECTIVE DATE MA DI Choice DI Choice at Work D81, D82, D83, 150BE D81M, D82M 12.2.19 WY DI Choice DI Choice at Work D81, D82, D83, 150BE
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Categories: Disability Income Insurance, Industry News, and Mutual of Omaha (& Affiliates).

Medicare News – Omaha Family of Companies

Medicare Supplement: Upcoming Rate Adjustments Upcoming rate adjustments for NC and VT.   December 2019 Rate Release Rate adjustment effective December 1, 2019 for Vermont Mutual Medicare supplement.   Webinar- Time to Talk About Q1 Join us November 19th for the final webinar in our 2019 series. Learn about some complimentary products that your Med supp clients may be interested in.   2020 Copay and Deductibles CMS has released the 2020 Parts A and B copay and deductible amounts.   Plan High Deductible G Now Available in More States High Deductible G plans available in AK, CT, DC, DE, ID,
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Categories: Industry News, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

Illinois Partnership Active Exchange

In October, customers with eligible policies meeting Illinois partnership requirements received notification letters informing them their LTC policy is partnership qualified. Customers with LTC13 policies not qualifying for the passive partnership exchange may choose to participate in an active exchange. An active exchange requires policyholder(s) to apply for a coverage change, modifying coverage to meet state inflation protection requirements. Both a new application and the “National Partnership Exchange Cover Letter” are required to be completed and submitted with the application to be treated as a coverage exchange. There will be full underwriting on the increased coverage. Letters notifying customers of
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).