“COVID-19 May Fix GE’s Long-Term Care Problem”

“COVID-19 May Fix GE’s Long-Term Care Problem,” by Adam Levine-Weinberg, Seeking Alpha Quote: “In early 2018, GE took a $9.5 billion pre-tax charge and announced that it would have to add nearly $15 billion to its long-term care insurance reserves by 2024. Many investors have continued to worry that GE would eventually need to set aside even greater reserves. The COVID-19 pandemic appears to have sparked an uptick in long-term care policy terminations, reducing future liabilities. With long-term care premiums rising and skilled-nursing facilities increasingly seeming dangerous, policy terminations could continue in the quarters ahead. GE stock has fallen too
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Categories: Clippings, COVID-19, Industry News, and Long-Term Care.

“COVID-19 long-term toll signals billions in healthcare costs ahead”

“COVID-19 long-term toll signals billions in healthcare costs ahead,” by Caroline Humer, Nick Brown, Emilio Parodi, Reuters Quote: “With mounting evidence that some COVID-19 survivors face months, or possibly years, of debilitating complications, healthcare experts are beginning to study possible long-term costs.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This may offset savings on reserves from pandemic deaths of people insured for long-term care.        
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Categories: Clippings, COVID-19, Industry News, and Long-Term Care.

“What We Know About Provider Consolidation”

“What We Know About Provider Consolidation,” by Karyn Schwartz, el al., Kaiser Family Foundation Quote: “The COVID-19 pandemic has led to dramatic decreases in health care spending, as patients and providers have delayed a wide range of health care services. The decrease in service use and spending resulted in a decline in revenue for many providers at the same time that some are facing increased costs due to the pandemic. Given the uncertain timing of a ‘return to normal’ and potentially lingering effects of the current economic crisis, some providers may continue to experience sustained declines in revenue even with
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Categories: Clippings, COVID-19, and Industry News.

Premium Repayment Plans

Mutual of Omaha remains committed to helping our customers during these challenging times. We continue to follow regulatory guidance on a state-by-state basis regarding extending grace periods and/or non-cancellation/non-renewal requirements on insurance policies. In certain circumstances, clients who have been impacted by the COVID-19 pandemic may be eligible for repayment plans on their deferred premiums. Please direct any clients who inquire about their repayment options to contact Policyowner Services at 800-775-6000.   Premium Repayment Plans   #goldencareagent #mutualofomaha
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Categories: COVID-19, Critical Illness, Dental, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

“COVID-19 could lead to billions in long-term healthcare costs: experts”

“COVID-19 could lead to billions in long-term healthcare costs: experts,” by Amy Novotney, McKnight’s Senior Living Quote: These experts point to the potential for billions of dollars in long-term healthcare expenses, as studies of patients with COVID-19 continue to uncover new complications associated with the disease. They say the costs stem from COVID-19’s toll on multiple organs, including heart, lung and kidney damage that likely will require costly care, such as regular scans and ultrasounds, as well as neurologic deficits that are not yet fully understood. The added costs likely will lead to increases in insurance premiums and long-term care costs.”
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Categories: Clippings, COVID-19, and Industry News.

“After COVID-19: A Health Care Forecast for Older Americans”

“After COVID-19: A Health Care Forecast for Older Americans,” by Bart Astor, NextAvenue Quote: “(This is Part 2 of a two-part series forecasting life for older adults after COVID-19. Part 1 focused on what housing is likely to look like for the oldest Americans. Part 2 looks at the future of health care and geriatric medicine.) Once the coronavirus pandemic fades — whenever that happens — two health trends for America’s older adults seem nearly unquestionable. Medical appointments through telehealth will be common, especially for those on Medicare. And the need for geriatricians will be great. Since people over 65 have accounted for roughly 80% of the
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Categories: Clippings, COVID-19, and Industry News.

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study”

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study,” by Amy Novotney, McKnight’s Senior Living Quote: “Much attention has been given of late to the properties or characteristics that have helped long-term care facilities stave off outbreaks of COVID-19. A new study led by University of North Carolina researcher Sheryl Zimmerman, Ph.D., reveals that 95% of nursing homes following the Green House model of care — which are designed for single-occupancy rooms — reported zero cases COVID-19 among residents or staff. … ‘In fact, the original Green House home in Tupelo, MS, sponsored by Methodist
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Categories: Clippings, COVID-19, Genworth, and Industry News.

“COVID-19 Increased LTCI Claimant Mortality 30%: Unum”

“COVID-19 Increased LTCI Claimant Mortality 30%: Unum,” by Allison Bell, ThinkAdvisor   Quote: “Unum Group says the COVID-19 pandemic increased the death rate for people collecting Unum long-term care insurance (LTCI) benefits by about 30% in the second quarter. The increase in the number of LTCI insureds who died during the quarter was enough to cut the interest-adjusted loss ratio for the LTCI business to 67%, from a target range of about 85% to 90%, company executives said today during a conference call.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Will commensurate premium reductions be
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Categories: Clippings, COVID-19, Industry News, and Long-Term Care.

“Senior Living Providers Net At Least $252 Million in Small PPP Loans”

“Senior Living Providers Net At Least $252 Million in Small PPP Loans,” by Tim Regan, Senior Housing News Quote: “All told, the more than 4,500 loans helped senior living providers cover the payroll expenses of more than 50,000 employees, according to the data. Senior living was among several long-term care industries that received funds through the loan program. For comparison, home-based care agencies got more than $666 million in small PPP loans, while skilled nursing operators and associated providers received about $165 million. … Recipients of these relatively smaller PPP loans are thought to be generally safe from audits, as both the Treasury
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Categories: Clippings, COVID-19, Industry News, and Long-Term Care.

“Older adults excluded, underrepresented in clinical trials for COVID-19”

“Older adults excluded, underrepresented in clinical trials for COVID-19,” by Emma Stefanutti, The Stanford Daily Quote: “Older adults are routinely excluded from participating in COVID-19 clinical trials, according to a preliminary study at Harvard Medical School. The Daily interviewed Marina Martin, an assistant professor and section chief of Geriatric Medicine at Stanford Medicine, to learn about the implications of elderly underrepresentation in clinical trials, particularly for a virus that sees 8 of 10 deaths occurring in adults over the ages of 65. … Martin noted that elderly underrepresentation in trials may lead to inaccurate data and additionally worsen crisis conditions for older adults,
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Categories: Clippings, COVID-19, Industry News, and Long-Term Care.