“A Data Dump That Could Make a Difference in Health Care,” by Yuval Rosenberg, Fiscal Times Quote: “Health care researchers have argued that data collected on Medicare Advantage plans should be made public to allow analysts to try to get more insight into how much value the program delivers. … Now, the Centers for Medicare and Medicaid Services is making Medicare Advantage data available to researchers for the first time, administrator Seema Verma announced Thursday.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Let’s see what the data show. Is MA better and cheaper than traditional
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“Largest LTCi Claim Exceeds $2 Million,” by Jesse Slome, Advisor Magazine Quote: “A single long-term care insurance policyholder claim has exceeded two million dollars (actually $2.6M for a female).  The largest claim still being paid to a male policyholder reached nearly $1.6 million. Why is this important?  First, it’s the first time we’ve seen a single claim in excess of $2 million.  Second, because consumers mistakenly perceive this protection in ‘investment’ terms … will I get my money back?  Advisors need info like this to tell the story properly! When it comes to LTC insurance (or most insurance for that matter) some will
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“Provider-sponsored Medicare Advantage plans seeing big growth in membership,” by John Gregory, HealthExec Quote: “The growth in Medicare Advantage (MA) membership has benefited hospitals and physician groups that operate their own plans, with total enrollment increasing by more than 20 percent to three million beneficiaries since 2015. … The three million people in provider-sponsored MA plans, however, only represents about 14 percent of all MA enrollees nationwide. Plans offered by insurers like UnitedHealthcare, Humana and Aetna still dominate the market and actually saw greater enrollment growth of 24 percent over the same time period.” LTC Comment (from Stephen A. Moses,
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“Only 16% of retirees ‘very confident’ they can afford long-term care,” by Lois A. Bowers, McKnight’s Senior Living Quote: “Only 16% of current retirees are ‘very confident’ that they will have enough money to pay for long-term care should they need it during their retirement, according to the results of a survey released Tuesday. That percentage, said the nonpartisan Employee Benefit Research Institute and research firm Greenwald & Associates, is a decrease from last year’s 20%, which they defined as ‘down significantly.’ The firms polled 1,040 retirees between Jan. 3 and 16 for the annual Retirement Confidence Survey.” LTC Comment
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“The myth and reality of the Medi-Cal ‘spend-down’,” by Philip P. Lindsley, San Diego Union-Tribune Quote: “What’s the reality? The need to ‘spend down’ is almost never true. There are many assets that are considered exempt or unavailable and are not counted in the qualification process. Just two of several examples would be the home and all IRAs and other pension plan funds. There are also other substantial additional allowances and planning opportunities available for those who are aware and use them. Few do.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Few do? Hardly. Most
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“Retirees Come Face To Face With Longevity,” Advisor Magazine Quote: “This year’s Retirement Confidence Survey (RCS) finds only a third of retirees very confident in their ability to live comfortably throughout retirement (32 percent). While this is comparable to last year, retiree confidence in having enough money to cover basic expenses and medical expenses has dropped: 80 percent say they are very/somewhat confident about covering basic expenses this year compared to 85 percent in 2017; and 70 percent say they are very/somewhat confident about covering medical expenses this year vs. 77 percent in 2017. In addition, retirees’ confidence that Medicare and
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“Following a couple from diagnosis to the final stages of Alzheimer’s,” by Jonathan LaPook, CBS News Quote: “For 10 years, Dr. Jon LaPook has been checking in on Carol Daly, a woman diagnosed with Alzheimer’s, and her caregiver husband, Mike. After a decade, the disease has had a devastating impact on each of them.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): We tipped you to this 60 Minutes episode in advance, but did you see it? If not, click through and watch it now. This may be the most powerful 12 minutes you, your prospects
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“Thousands of nursing home patients nationwide affected by NJ company’s financial trouble,” by Lindy Washburn, northjersey.com Quote: “A Wood-Ridge-based company that owns or operates more than 100 nursing homes around the country has failed to make payroll in Nebraska and Kansas, leading regulators to take over 36 homes serving thousands of patients. Skyline Health Care, LLC, in Wood-Ridge, owned by Joseph Schwartz, is the parent company for those nursing homes and others in Arkansas, South Dakota, Tennessee, Pennsylvania, Massachusetts, and Florida.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Expect more stories like this. Then you’re
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“No Spend Down,” by Stephen D. Forman, LTCA Weekly Reader Quote: “The Employee Benefit Research Institute (EBRI) always publishes high-quality research. In their latest study they find that retirees do a poor job of asset decumulation. Those with few assets (who enter retirement with median assets of $31,740) still have $24,000 eighteen years later, a parsimony which is ‘not irrational,’ according to the authors. But even when assets are plentiful upon retirement (a median of $857,450), eighteen years later this group still maintains a healthy bank account worth $763,900. In short, EBRI finds that retirees spend their income (what comes
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“Couples in retirement face average health care costs of $280,000, Fidelity estimates,” by Adam Shell, USA Today Quote: “Fidelity estimates it will cost a couple $280,000 to cover their health care costs in retirement, up 2% from last year and 75% since its 2002 estimate of $160,000. The math assumes a couple retires at 65 and is eligible for Medicare. The cost for care for males in retirement is an estimated $133,000, while the tab for women, who tend to live longer than men, is $147,000.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Annual update
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