“Advantages, Disadvantages and Considerations for LTC Policy Buyouts,” by Jeff Anderson and Mike Bergerson, Long Term Care News   Quote: “The remainder of this article will explore the advantages and disadvantages of LTC policy buyouts from various stakeholder perspectives and discuss actuarial considerations for a carrier thinking about offering a buyout option.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: I attended a fascinating webinar today sponsored by Morgan Lewis and titled “Demystifying Cash Buyouts of Long-Term Care Insurance Policies.” My interest triggered, I did some research and found the subject article. It covers most of
Read More

“Improving the Long-Term Care Insurance Customer Experience,” by Peter Goldstein, ThinkAdvisor   Quote: “Over the past decade, life insurers and financial services firms have begun investing in a variety of capabilities meant to improve their customers’ experience. These include mobile apps and self-service portals designed to help people manage their policies and assets. Yet the long-term care insurance (LTC) insurance industry has been slow to make the same investments for a variety of reasons. … New technologies certainly have the potential to streamline key processes involved in LTC insurance, including application processing, underwriting and claim payments. To enable this shift, many LTC insurers are turning
Read More

“Covid Has Black Americans Thinking More About Financial Planning,” by Jacqueline Sergeant, Financial Advisor Quote: “Nearly three-quarters (74%) of Black consumers indicated that they are planning to make permanent changes to the way they spend and save. Seventy-five percent also are thinking and planning for their financial future differently. … Black consumers also are more likely to think now is a good time to purchase a financial product that protects their investments against market downturns (28%) and offers protected lifetime income (31%). They also are interested in purchasing a long-term care insurance policy (26%), increasing coverage on an existing life
Read More

“MA Enrollment in Plans With Extra Benefits for Chronically Ill Tripled in 2021,” by Robin Duddy-Tenbrunsel, Avalere Quote: “New analysis of 2021 benefits and enrollment from Avalere finds that 787 MA plans offered by 44 parent organizations are providing special supplemental benefits for the chronically ill (SSBCI) in 2021. Those plans represent 16% of all analyzed MA plans. A majority (86%) of the total Medicare beneficiary population live in counties where at least 1 MA plan that offers at least 1 type of SSBCI is available. Overall, in 2021, 15% of enrollees in non-employer MA plans are enrolled in plans
Read More

“Legal experts warn of incoming lawsuits for long-term care,” by Amy Novotney, McKnight’s Senior Living     Quote: “Legal teams for both long-term care operators and the residents and families affected by the COVID-19 pandemic are gearing up for lawsuits alleging neglect and wrongful death as a result of the virus — proceedings in which many of the rules are still being determined. ‘It’s not very often that you’re on the cusp of an entirely new cause of action,’ Rachel Stahle, a nursing home abuse and neglect attorney and a partner at Kansas City, MO-based law firm Dollar Burns &
Read More

“Why the Medicaid block grant is the right strategy for Tennessee | Opinion,” by Shane Reeves, Tennessean   Quote: “Tennessee will be the first state to put a Medicaid block-grant program into effect now that the Centers for Medicare and Medicaid Services (CMS) recently approved the waiver. Block grants are fixed amounts of money that the federal government awards to states, allowing them to provide funding for benefit programs and services. A block grant enables state governments to serve broader purposes with greater flexibility with fewer administrative conditions. In the words of CMS Administrator Seema Verma, this block grant program represents ‘innovation
Read More

“Long-term care in the age of Covid, and beyond,” by Susan Goldberg, Advisor’s Edge Quote: “It’s unusual for a source to cry during an Advisor’s Edge interview. Then again, these are unusual times. And when the interview is about long-term care (LTC) for seniors in the age of Covid-19, shedding a few tears seems like a logical response. Of the more than 14,000 Canadian deaths attributed to the pandemic (as of early January), a heartbreaking 73% were in long-term care and retirement homes.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Long-term care and LTC insurance
Read More

“Using Estate Planning to Prepare for Medicaid,”ElderLawAnswers Quote: “Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: According to this article, estate planning for long-term care includes irrevocable trusts, Medicaid-friendly annuities, and hiding the home from Medicaid estate recovery, but not long-term care insurance. How can private insurance compete with that? Are you supporting the Center for Long-Term Care Reform, the strongest
Read More

“Baby boomers face financial distress and age discrimination,” by Howard Gold, MarketWatch Quote: “They were born and raised during the Golden Age of the U.S. economy, which lasted from 1948 through 1973, when a high school diploma could be a ticket to a well-paying job, a vacation home and a college degree for the kids. It was the postwar American dream, and millions considered it their birthright. But now, after decades of economic upheaval, including three bear markets and two deep recessions in just the past 20 years, many baby boomers, the generation born between 1946 and 1964, are struggling. The eldest
Read More