“The Medicare Plan Market Is Alive!,” by Allison Bell, ThinkAdvisor “Enrollment in all types of Medicare Advantage plans increased to 21 million in January, up 7.6% from the total for January 2018, according to the Centers for Medicare and Medicaid Services (CMS). Enrollment in the core Medicare Advantage health maintenance plans increased 6.9%, to 13.5 million. A separate CMS database shows that enrollment in the traditional Medicare program, which CMS calls Original Medicare, increased to 38.8 million in December 2018, from 38.3 million in January 2018. Total Medicare enrollment increased to 60.4 million in December, from 59.4 million in January.” LTC Comment
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“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
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“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
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“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
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“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
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“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
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“Longevity, Life Expectancy & The Long Run,” by Tania Slade, Advisor Magazine “BMO Wealth Management wanted to know how Americans are thinking about this increased longevity, so we conducted a survey of more than 500 Americans aged 55 and older to explore their views on aging and their top concerns tied to family and wealth. … The study shows that Americans’ top concerns about living a long life include health problems and costs, becoming a burden on family, and maintaining financial security. And more importantly, far more aging Americans would most like to be remembered for the values they lived by
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“The Impact of Cognitive Decline on Families’ Finances: RBC Survey,” by Emily Zulz, ThinkAdvisor “The survey found that among those who provide financial support to an older relative, the average monthly contribution is $403. Twenty-two percent contribute $500 to $999, and 14% contribute more than $1,000.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): $403 a month could have bought the aging elder a very nice LTCI policy … before it became a recurring caregiver expense.  
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“Spending dips on health care for the Medicare elderly,” ScienceDaily “Health care spending among the Medicare population age 65 and older has slowed dramatically since 2005, and as much as half of that reduction can be attributed to reduced spending on cardiovascular disease, a new study has found. By 2012, those reductions saved the average person nearly $3,000 a year. Across the entire elderly population, those savings add up to a whopping $120 billion, with about half of those savings coming from Medicare.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Savings now. More spending later
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“Good News for Indemnity Based LTC Coverage,” by Shawn Britt, ThinkAdvisor “Concerns that indemnity policies could be restricted from paying benefits that were previously available or potentially cause unexpected taxation of benefits due to the TCJA have not come to pass. Indemnity benefits remain the same flexible benefits that advisors have been accustomed to presenting to clients; and cash indemnity benefits will continue to offer that extra level of choice and flexibility that clients may find of value.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): I hear sighs of relief.  
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