Paid Long-Term Care Insurance 2022 Claims Grow

Long-term care insurance companies paid out a record $13.25 Billion in 2022 according to the American Association for Long-Term Care Insurance (AALTCI). “Claim benefit payouts for policyholders with traditional long-term care insurance coverage grew from $12.3 Billion in 2021,” reports Jesse Slome, AALTCI’s director. “The increase in benefit payouts is expected as policyholders age and start to require care.” For calendar-year 2018 the Association reported that long-term care insurers paid out $10.3 Billion. According to Slome, the amount reported represents claims for those owning traditional or health-based long-term care insurance. “Data for linked-benefit policies is harder to calculate because there
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Categories: GoldenCare News, Industry News, and Long-Term Care.

GoldenCare Newsletter | February 20, 2023

Read Full GoldenCare Newsletter,  February 20, 2023 Edition In this GoldenCare Newsletter Edition From GoldenCare: LTCi Industry Updates featuring Steve Moses Wed, Mar 1, 2023 2:00 PM  to  3:00 PM CST     Diversify your portfolio for greater sales success! Join us for product and sales live and prerecorded training.  Stay up-to-date on the latest products and sales strategies. We’re making it easier than ever to get a hold of us and have your favorite tools available at your fingertips! Click here to DOWNLOAD our electronic business card, and enter to win a $100 Amazon.com Gift Card!   PROMO TIME!
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Categories: GoldenCare News, Industry News, Long-Term Care, Medicare Supp./Adv., Mutual of Omaha (& Affiliates), National Guardian Life, and Thrivent.

Good News | A.M. Best Reaffirms Mutual of Omaha’s A+ Rating

A.M. Best Affirms Mutual of Omaha’s Financial Rating AM Best performed their annual rating committee review on Mutual of Omaha and affirmed our financial strength rating of A+ (Superior) with a stable ratings outlook. The ratings reflect Mutual of Omaha’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries     If you’re already appointed through GoldenCare, but are not yet taking advantage of all we have to offer,
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Categories: GoldenCare News, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

You’re Invited | LTCi Industry Updates with Steve Moses

There have been so many changes and developments – this webinar is NOT TO BE MISSED! Steve will share his bird’s eye view of the Long-Term Care insurance industry, including the latest news on the WA state payroll tax and updates on the various states considering legislation to address the high costs of LTC (similar to WA Cares Act). He’ll also share his insight into the SECURE 2.0 Act and how it may draw additional interest to LTC insurance from consumers. Wed, Mar 1, 2023 11:00 AM Central   Space is limited — Register Now! This event is packed with
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Categories: GoldenCare News and Industry News.

“Are Payments To Medicare Advantage Plans Inflated?”

“Are Payments To Medicare Advantage Plans Inflated?,” by Kenneth E. Thorpe, Health Affairs  “The most recent March 2022 MedPAC report (chapter 12) concludes that Medicare pays 4 percent more for the same patient in Medicare Advantage compared to traditional Medicare. This conclusion is reached by comparing the level and growth in risk scores (CMS-HCC) between the two programs. MedPAC reports higher growth in risk scores in the Medicare Advantage program than found in traditional Medicare. This framework, however, ignores the fundamentally different approaches Medicare takes in paying for fee-for-service encounters on the one hand and making payments to Medicare Advantage
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Categories: Clippings and Industry News.

“More than 1 in 6 Americans now 65 or older as U.S. continues graying”

“More than 1 in 6 Americans now 65 or older as U.S. continues graying,” by Linda Searing, Washington Post “Some 17 percent of people living in the United States, or more than 1 in 6, were 65 or older in 2020, according to a report from the Administration on Aging. That represents 55.7 million people, an increase of 15.2 million (38 percent) of people 65 and above since 2010, compared with just 2 percent growth in the under-65 population. It also reflects a consistent increase in the nation’s older population since 1900, when there were 3.1 million Americans 65 and older
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Categories: Clippings and Industry News.

“Bridging the Gap: A Discussion of Short-Term and Long-Term Care”

“Bridging the Gap: A Discussion of Short-Term and Long-Term Care,” by Jamie Samo,  NAIFA’s Limited & Extended Care Planning Center “Having coverage for a short-term stay can be just as important as coverage for a long-term stay. Especially when LTC insurance is not available due to an individual’s health, age, or finances. But there is a solution — purchasing a Short Term Care insurance plan (STC).”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: And that’s the long and the short of it.   Subscribe to GoldenCare News  
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Categories: Clippings and Industry News.

“Is Applying for Medicaid for Do-It-Yourselfers?”

“Is Applying for Medicaid for Do-It-Yourselfers?,” by Tammy Weber, Marshall, Parker and Weber, LLC  “Yes, there is a cost to hiring a certified elder law attorney, but that cost is typically offset by accelerated eligibility for Medicaid and peace of mind that the applicant’s children will not be held liable for the care costs of their parent.  No, applying for Medicaid is not for do-it-yourselfers.  You need an experienced Certified Elder Law Attorney to get the best result.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Compare that pitch to the sales challenge facing LTC insurance
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Categories: Clippings and Industry News.

“Researchers ID 8 social factors that lead to early death in seniors”

“Researchers ID 8 social factors that lead to early death in seniors,” by John Roszkowski, McKnight’s LTC News “The researchers studied 8,250 older adults ages 65 and older over a four-year period. At the end of the four-year study period, 22% of those individuals had died. Based on 183 possible predictors, the researchers developed a Social Frailty Index including age, gender and eight social factors that contributed to early death: poor neighborhood cleanliness, low perceived control over financial situation, meeting with children less than yearly, not working for pay, not active with children, not volunteering, feeling isolated, and being treated
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Categories: Clippings and Industry News.

“Death, Finances and How Many of Us Get Our Money Needs Wrong”

“Death, Finances and How Many of Us Get Our Money Needs Wrong,” by Josh Zumbrun, Wall Street Journal “The good news is that many Americans live a lot longer than they expect. The bad news is that this often leads to financial regret as they realize, sometimes too late, they might have claimed Social Security too early, passed up the opportunity to buy annuities or long-term-care insurance, or simply undersaved for all those added years of retirement. Demographers and actuaries make the following distinction between life expectancy and longevity: Life expectancy refers to the average number of years someone will
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Categories: Clippings and Industry News.