“Notice of Federal Long Term Care Insurance Program (FLTCIP)–Suspension of Applications for FLTCIP Coverage,” InsuranceNewsNet Quote: “The U.S. Office of Personnel Management (OPM) is announcing a suspension of applications for Federal Long Term Care Insurance Program (FLTCIP) coverage. … The suspension period will begin on December 19, 2022. The suspension period will remain in effect for 24 months from the date the suspension period begins. … OPM is suspending applications for coverage in FLTCIP to allow OPM and the FLTCIP Carrier to assess the benefit offerings and establish sustainable premium rates that reasonably and equitably reflect the cost of the benefits provided, as
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“Long-term-care law might be changing again, and solvency is sought,” by Elizabeth Hovde, Washington Policy Center Quote: “LTC is experiencing the perfect storm. Just when the industry is rebalancing and shifting away from institutional care, the number of caregivers is decreasing. The trend began several years ago, but the impact was obvious only recently. Greater competition for limited services, new minimum wage laws, and inflationary pressures have been driving up prices. Home health care costs rose 12.5% in 2021 alone, increasing more than the CPI, and exceeding the popular 3% inflation option on long-term care insurance (LTCI) policies that had
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“Long-term-care law might be changing again, and solvency is sought,” by Elizabeth Hovde, Washington Policy Center Quote: “Is WA Cares, the state’s mandatory long-term-care program, complete with a burdensome payroll tax that’s supposed to pay its way, solvent? Maybe. Will the law be changed to make the program benefit portable? Kinda — and only maybe. Are eligibility qualifications changing? They could be. Will recertification be required of the 476,000-plus people who were exempted from the program so far? Almost certainly. Buckle up: Thursday’s Long-Term Services and Supports (LTSS) Trust Commission meeting was issue-packed. Commissioners went over a new actuarial report, solvency predictions and a
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“Millennials Are Asking About Long-Term Care,” by Brett Stein, ThinkAdvisor Quote: “New York’s Medicaid program spends roughly $12 billion per year on in-home ‘personal care’ for the elderly and disabled — nearly as much as the other 49 states combined. The state’s per capita personal care spending is eight times higher than the national average. New York employs 138 home health aides per 1,000 residents over 65, which is more than double the national average. In New York City, the rate is 236 per 1,000. Home health aides accounted for two-thirds of the state’s net job growth over the past
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“Millennials Are Asking About Long-Term Care,” by Brett Stein, ThinkAdvisor Quote: “Millennials are starting to draw up wills. Conversations about wills can lead to conversations about old age. Conversations about old age can lead to thoughts about the cost of long-term care.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Will Millennials plan for LTC better than Boomers? Not likely as long as the reason Boomers ignored LTC risk and cost remains in place. What reason is that? Government picks up the tab for catastrophic care costs if and when they occur, rewarding consumers for ignoring
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