“Considering Hybrid Long-Term Care Insurance? Policy Differences To Understand Before Buying,” by Jesse Slome, Benzinga   Quote: “When it comes to hybrid long-term care policies, there are two Internal Revenue Codes (IRC) that define policies. The first is IRC Section 7702B. This section applies to policies defined as long-term care insurance. The second is IRC Section 101(g).  This section defines coverage considered chronic illness coverage.  Indeed, the code specifically says that 101(g) policies may NOT be marketed in any manner as long-term care coverage. You won’t find the words ‘long-term care’ in any of the insurance company’s promotional material.  You
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“Ameriprise Celebrates Fed Interest Rate Increases,” by Allison Bell, ThinkAdvisor   Quote: “[Ameriprise Financial CEO Jim Cracchiolo] predicted that Fed efforts to increase short-term rates will lead to a meaningful increase in earnings. He suggested that higher rates could make unwanted blocks of annuity and long-term care insurance business easier to sell.”     LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Don’t count on the Fed. It created the interest rate problem in the first place and will likely plunge the economy back into it sooner rather than later.             Subscribe
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“Older adults’ home equity exceeds record $10.6 trillion: report,” by Kathleen Steele Galvin, McKnight’s Senior Living   Quote: “Homeowners aged 62 and older increased their home equity by 3.98% in the fourth quarter of 2021 to a record $10.6 trillion from the previous quarter, according to the National Reverse Mortgage Lenders Association. That’s a difference of $405 billion. … Reverse mortgages aren’t just for homeowners short on cash anymore, the New York Times reported earlier this month.”     LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Home equity could pay for a lot of long-term care if Medicaid
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“All-Cause U.S. Mortality Was Up 29% in Early 2022,” by Allison Bell, ThinkAdvisor    Quote: “The total number of deaths in the first eight weeks of the year was 135,665 higher than in the comparable period in 2019. About 123,671 of the people who died had COVID-19 when they died. Early figures show that the number of deaths caused by COVID-19, flu and pneumonia was still above the epidemic threshold in March.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Are we “dying” to avoid long-term care?               Subscribe to
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“Investment Strategist Challenges Genworth Board,” by Allison Bell, ThinkAdvisor   Quote: “Klarquist is the CEO and chief investment officer at Seven Corners Capital. He is seeking a seat on the board of a publicly traded venture capital fund. He opposes the reelection of the four directors who serve on the Genworth board compensation committee.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Due diligence or envy?               Subscribe to GoldenCare News  
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“’Industry Experts’ suggest Long Term Care Insurance is unworkable,” by Tony Mudd, Cover      Quote: “The real problem is not actually the design of a policy. As any adviser will tell you, it is about creating a need. Without demand, no adviser, however good he or she is, will be able to sell a protection policy and an LTCI is no different. Right now, the demand is, at best, limited and even though people are beginning to understand implications of social care costs they are also being told that the maximum extent of their personal contribution is £86,000. As
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“AALTCI Finds Out What Life-LTC Hybrid Coverage Really Costs,” by Allison Bell, ThinkAdvisor     Quote: “AALTCI looked at IRC 7702B linked benefits from four insurers for 55- and 65-year-old insureds. The 55-year-old woman could get about $80 in LTC benefits at age 85 per dollar of premiums per year. A 65-year-old man could get $51 in LTC benefits at age 85 per premium dollar per year from the most expensive insurer included.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Well, when you put it that way. Click through for the details.      
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“Insurance Administrator Acquires Key Long-Term Care Program Manager,” by Allison Bell, ThinkAdvisor   Quote: “LTCG was founded in 1996 as Long Term Care Group. A fund affiliated with Stone Point Capital acquired it in 2014. Illumifin, the new owner, is controlled by Abry Partners and Hoplon Capital.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: The deal we reported in “LTC Bullet: LTC Good News” has closed. Congratulations!             Subscribe to GoldenCare News  
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“Medicare Advantage Plans Get A Big Pay Hike, Offer More Services And Supports For Older Adults,” by Howard Gleckman, Forbes   Quote: “Medicare Advantage managed care plans, which in 2021 covered 26 million enrollees, will get an average 8.5 percent increase in total Medicare payments next year. At the same time, MA plans are rapidly embracing a wide range of social services and supports for older adults living at home. Sometimes called long-term care lite, these benefits range from meal and food deliveries to transportation, home modifications, and adult day health care. A new report by the Long-Term Care Quality Alliance (LTQA) and
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“Covid’s Effect On Long-Term-Care Insurance,” by Ben Mattlin, Financial Advisor   Quote: A long-awaited national report has found that the way the United States finances, delivers and regulates nursing home care is ineffective and unstable. Immediate action is needed to bring meaningful changes to the system to better meet the needs of residents and staff, the vast team of researchers added. … The committee also honed [sic] in on the underinvestment of the nursing home sector that has suffered from ‘for decades’ and noted that implementing these recommendations will likely require ‘a significant investment of financial resources at the federal
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