“Analyzing Long Term Care Insurance Prices”

“Analyzing Long Term Care Insurance Prices,”Advisor Magazine Quote: “The cost for certain long-term care insurance policy designs has not changed significantly over the past five years according to the American Association for Long-Term Care Insurance. Long-Term Care Insurance Prices Compared, Costs 2016-2021 ‘For men, rates actually may have declined slightly from where they were five years ago,’ explains Jesse Slome, director of the long-term care insurance organization. ‘Policy costs for women are about the same until you add an inflation growth option, then there is a significant increase.’”     LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
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Categories: Clippings and Industry News.

“Medicare and Dental Coverage: A Closer Look”

“Medicare and Dental Coverage: A Closer Look,” by Meredith Freed, Nancy Ochieng, Nolan Sroczynski, Anthony Damico, and Krutika Amin, Kaiser Family Foundation Quote: “Policymakers are now discussing options to make dental care more affordable by broadening dental coverage for people on Medicare. President Biden’s FY 2022 budget request includes as part of the President’s healthcare agenda “improving access to dental, hearing, and vision coverage in Medicare.” Senate Democrats recently announced an agreement to include Medicare expansions, including dental, vision, and hearing, as part of the budget reconciliation package, though details of the agreement have not yet been released. In 2019, the House of Representatives
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Categories: Clippings and Industry News.

“Toomey Re-Introduces Measure to Make Long-Term Care Insurance More Affordable”

“Toomey Re-Introduces Measure to Make Long-Term Care Insurance More Affordable,” by Pat Toomey Quote: “U.S. Senator Pat Toomey (R-Pa.) is re-introducing a bill to increase the affordability of long-term care insurance. Senator Toomey’s Long-Term Care Affordability Act would allow individuals to pay up to $2,500 each year for long-term care insurance with their 401(k), 403(b), and IRAs without a tax penalty.”     LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Altogether too sensible a proposal to pass Congress, much less be signed by the current President.           Subscribe to GoldenCare News  
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Categories: Clippings and Industry News.

“How much of a cut to social security benefits can you expect based on your age?”

“How much of a cut to social security benefits can you expect based on your age?,” by Robert Powell, USA Today Quote: “Come 2034, incoming revenues will be enough to pay about 76% of scheduled Social Security benefits, a 2020 Social Security Administration trustees report predicts. Given that, how might different generations plan for this? Should they plan for a 24% decline in their scheduled benefit? Should they not factor Social Security benefits into their retirement income plan at all? Or might they do something else.”     LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Never mind
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Categories: Clippings and Industry News.

“Thousands of CalPERS members could get $30,000 or more in long-term care lawsuit settlement”

“Thousands of CalPERS members could get $30,000 or more in long-term care lawsuit settlement,” by Wes Venteicher, Sacramento Bee Quote: “CalPERS has agreed to pay up to $2.7 billion to settle a lawsuit over big price hikes the retirement system imposed on long-term care policyholders eight years ago, according to a Tuesday announcement. The proposed agreement, which requires a judge’s approval, would settle a class-action lawsuit policyholders filed in 2013. Several policyholders filed the lawsuit after receiving notices that their premiums would rise 85% in two increases in 2015 and 2016.”     LTC Comment, Stephen A. Moses, President, Center for
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Categories: Clippings and Industry News.

“Great moments in unintended LTC consequences”

“Great moments in unintended LTC consequences,” by Stephen A. Moses, McKnight’s LTC News Quote: “The year: 1965. The problem: People are living longer, dying slower and in desperate need of more long-term care. The solution: Provide Medicaid-financed nursing home care covering room and board as well as custodial and skilled care for anyone who can’t afford it otherwise and with no limit, for the first 15 years, on transferring assets to qualify. “Sounds like a great idea with the best of intentions. What could possibly go wrong?”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Click
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“Michael Gorzynski Now Controls a Long-Term Care Insurer”

“Michael Gorzynski Now Controls a Long-Term Care Insurer,” by Allison Bell, ThinkAdvisor Quote: “HC2 Holdings — a conglomerate that owns a wide range of companies — has succeeded at selling a long-term care insurance (LTCI) business. The firm announced Wednesday that it sold the business, Continental Insurance Group Ltd., to MG Capital Management Ltd. for $65 million in cash and about $25 million in Continental Insurance assets. … LTCI issuers have a reputation for being difficult to sell. MG Capital’s acquisition of Continental Insurance, for cash, could break the ice and lead to other LTCI issuer deals.”   LTC Comment, Stephen A.
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“Gen Xers, millennials have less saved for retirement than previous generations: survey”

“Gen Xers, millennials have less saved for retirement than previous generations: survey,” by Kathleen Steele Gaivin, McKnight’s Senior Living Quote: “A national survey finds that members of Generation X (those born between 1965 and 1981) and millennials (born between 1981 and 1996) are more worried about retirement than the previous generations. Members of those two generations especially are concerned about their retirement security in the wake of the COVID-19 pandemic, according to the National Institute on Retirement Security. They were much more likely to spend down their ‘rainy day’ funds during the public health emergency, results show. … According to the
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“California Makes It Easier for Low-Income Residents to Get and Keep Free Health Coverage”

“California Makes It Easier for Low-Income Residents to Get and Keep Free Health Coverage,” by Rachel Bluth, Kaiser Health News Quote: “A provision in California’s newly approved state budget will eliminate the asset test for the 2 million Californians enrolled in both Medi-Cal and Medicare, the federal health insurance program for people 65 and older and people under 65 with certain disabilities. Instead, their financial eligibility will be based solely on income, as it is for the millions of other people in Medi-Cal. … The 2021-22 state budget deal includes several provisions that will make it easier to get on
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Categories: Clippings and Industry News.

“Senate Democrats’ Plan Boosts Spending on Medicare, ACA Subsidies, Long-Term Care”

“Senate Democrats’ Plan Boosts Spending on Medicare, ACA Subsidies, Long-Term Care,” by Michael McAuliff, Kaiser Health News Quote: “Expanding so-called home- and community-based services for long-term care for seniors and people with disabilities would likely be based on Biden’s recent $400 billion proposal. Again, the duration and scope of the spending are debatable, but it would likely look something like a bill offered late last month by Sens. Bob Casey (D-Pa.) and Ron Wyden (D-Ore.), the chairs, respectively, of the Special Committee on Aging and the Finance Committee, as well as other lawmakers.”   LTC Comment, Stephen A. Moses, President, Center for
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Categories: Clippings and Industry News.