“Lincoln Financial Group Enhances Long-term Care Benefits Experience Through Partnership with LTCG,” Lincoln Financial Group Quote: “Lincoln Financial Group announced today that as part of its commitment to enhancing the customer experience, policy holders with the company’s long-term care planning solutions will soon have access to enhanced digital capabilities, including functionality that will allow them to track their claim status online. These features are the result of an expanded partnership with LTCG, a leading independent third-party administrator. LTCG will handle claims administration and management for Lincoln Financial’s long-term care riders beginning in the first quarter of 2022.”   LTC
Read More

  “Former CMS leader rips Biden’s nursing home reform plans,” by Danielle Brown, McKnight’s LTC News Quote: “President Joe Biden’s proposals to reform America’s nursing homes are ‘short-sighted’ and may push providers over the edge during the ongoing workforce crisis, the former leader of the Centers for Medicare & Medicaid Services said Monday.  Biden’s reform plan was unveiled earlier this month. It includes more than 20 initiatives to improve quality of care, with minimum staffing requirements a top priority. The effort, however, could ‘decimate’ the nursing home industry if it fails to address underlying funding and workforce challenges, warned Seema Verma, CMS administrator during
Read More

  “S&P Global Upgrades Genworth,” by Allison Bell, ThinkAdvisor Quote: “A rating agency says Genworth Financial — a company that has faced years of epic battles with long-term care insurance pricing problems — is looking healthier. S&P Global Ratings announced Friday that it had increased the long-term issuer credit rating it has assigned the Richmond, Virginia-based company to B+, from B. For retirement and long-term care planners, the news may be one of several signs that the market for LTCI coverage and other long-term care benefits products might be starting to come back to life.”   LTC Comment, Stephen A.
Read More

  “Walmart partnership provides lifeline to family caregivers,” by Diane Eastabrook, McKnight’s Home Care Quote: “Walmart is lending a helping hand to unpaid family caregivers through a new partnership with human transformation company BetterUp. The two companies launched BetterUp for Caregivers late last week, a subscription service that connects caregivers to live programming, community support, self-guided programs and a variety of on-demand solutions. … Caregivers who subscribe to the service can access 25-minute courses on how to deal with stress and find balance in their lives. BetterUp estimates there are about 53 million people nationwide providing free care to family and friends.
Read More

  “California to eliminate Medicaid waitlists through assisted living waiver,” by Kimberly Bonvissuto, McKnight’s Senior Living    Quote: “The assisted living waiver offers Medi-Cal eligible beneficiaries the choice of residing in an assisted living setting as an alternative to long-term placement in a nursing facility. The goal of the waiver is to transition eligible older adults and individuals with disabilities from a nursing facility to a community home-like setting in residential care facilities, adult residential care facilities or public subsidized housing.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: 665,000 people languish on waiting lists for Medicaid home
Read More

  “MedPAC’s call for 5% SNF pay cut ‘outdated and obsolete’,” by Danielle Brown, McKnight’s LTC News   Quote: “The Medicare Payment Advisory Commission’s recommendation to cut base pay by 5% for skilled nursing facilities in 2023, doesn’t reflect the current state of the skilled nursing industry, according to the nation’s largest nursing home association. The advisory panel released its annual report to Congress on Tuesday. As McKnight’s previously reported, the 5% SNF cut suggestion was widely expected and included in MedPAC’s draft recommendations released in January. … [Mark Parkinson, President & CEO of the American Health Care Association/National Center for Assisted Living] argued that since
Read More

  “Medicare Advantage plans ‘robust’ at the expense of traditional Medicare plans: report,” by Kimberly Bonvissuto, McKnight’s Senior Living      Quote: “Reducing payments to Medicare Advantage plans would ensure the sustainability of the Medicare program while maintaining access to popular plans that place a premium on quality care and preventive services, according to a new report. The Medicare Payment Advisory Commission, in its annual report to Congress on Tuesday, reviewed the status of Medicare Advantage, saying that many indicators point to an ‘increasingly robust’ program. … Taxpayers and Medicare beneficiaries don’t realize any savings from plan efficiencies. Instead, MedPAC estimates that
Read More

  “Will the ‘Long-Term Care Tax’ be Coming to Your State Soon?,” by Matt Meyer, Nasdaq     Quote: “Although you may dislike the idea of additional taxes, this trend will help drive a much-needed conversation about the costs and responsibility for long-term care. The opportunity this provides is for working people and their financial or insurance advisors to plan and be proactive before legislation is passed. While we can’t be certain the exact same taxes and opt-out options will be included in bills passed in other states, if you or your clients have ever considered or had a desire
Read More

  “California Is Ending Its Asset Test For Medicaid Long-Term Care. Is It A Mistake?,” by Howard Gleckman, Forbes      Quote: “Soon, California residents with personal care needs will be eligible for Medicaid long-term care no matter how much money and other assets they have. On July 1, the state will increase the program’s asset limit from $2,000 for an individual to $130,000 and from $3,000 for a couple to $195,000. The state plans to end the limit entirely as soon as 2024. At first glance, it seems like a big win for frail older adults in California. But
Read More

  “2023 Social Security COLA Estimated at 7.6% as CPI Keeps Rising,” by Ginger Szala, ThinkAdvisor     Quote: “The CPI increase of 7.9% in February doesn’t include commodity price jumps due to Russia’s invasion of Ukraine. Higher food prices have been a key reason seniors are struggling, The Senior Citizens League says. Indications are prices will continue to rise, despite what the Federal Reserve does.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: The monetary walls are closing on Social Security’s beleaguered trust fund. A perfect fiscal storm is coming for anyone dependent on any
Read More