“MA Members Could See High Out-of-Pocket Costs For COVID-19”

“MA Members Could See High Out-of-Pocket Costs For COVID-19,” by Hannah Nelson, HealthPayerIntelligence  Quote: “High out-of-pocket costs may dissuade some Medicare Advantage beneficiaries from seeking COVID-19 care as payers eliminate cost-sharing waivers, according to a new American Journal of Preventive Medicine study that calls for legislation to mandate insurers cover hospitalizations from the virus. While most payers currently cover COVID-19 hospitalization costs in full for Medicare Advantage (MA) beneficiaries, some insurers have started to roll back cost-sharing waivers, which may suggest that coverage for COVID-19 hospitalizations is on its way out.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Sure, if the government
Read More

Categories: Clippings, COVID-19, and Industry News.

COVID tax questions

The Consolidated Appropriations Act (“CAA”) provided coronavirus relief as well as other tax related extensions that will affect your clients. Here are some highlights that relate to individuals. Stimulus checks are back. The amount is $600 per taxpayer and $1,200 for married persons filing jointly along with $600 for each qualifying child. Income limits vary upon marital status. Teachers and instructors who teach grades K-12 are allowed a $250/$500 (Single/MFJ) above the line deduction to allow for the purchase of personal protection equipment and disinfectant. The above the line deduction for $300 of charitable gifts is extended into 2021. There
Read More

Categories: COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“One of Ten in U.S. May Have to Switch Occupations Post Pandemic”

“One of Ten in U.S. May Have to Switch Occupations Post Pandemic,” by Rich Miller, Bloomberg  Quote: “One out of every ten U.S. workers — about 17 million, all told — will likely be forced to leave their jobs and take up new occupations by 2030 as Covid-19’s after-effects destroy huge swathes of low-paying positions in a labor market that was primed for disruption before the pandemic. Women, minorities, the young and the less educated will probably be the hardest hit by what consultant firm McKinsey & Co. foresees in a new report as an unprecedented hollowing out of low-wage work in
Read More

Categories: Clippings, COVID-19, and Industry News.

“The situation is dire’: Provider group seeks $5 billion in COVID relief for senior living”

“‘The situation is dire’: Provider group seeks $5 billion in COVID relief for senior living,” by Lois A. Bowers, McKnight’s Senior Living   Quote: “The next COVID-19 relief package from the federal government must include $5 billion in funding for assisted living, independent living, memory care and continuing care retirement communities to help with personal protective equipment, staff and testing needs, Argentum said Friday. … To date, assisted living providers have been promised $3 billion, or 1.7%, of the total Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Fund, and have received even less, Argentum said. By comparison,
Read More

Categories: Clippings, COVID-19, and Industry News.

Don’t miss exciting news at Guaranty Income

Good News for a Growing Company An Upgrade in Financial Rating, a New Hire and a Birthday all in the Start of 2021.   WE UPGRADED TO AN A Guaranty Income Life Insurance Company, a Kuvare life and annuity business based in Baton Rouge, Louisiana, received a financial strength rating of A (upgraded from A-) by KBRA. Joe Wieser, President of GILICO, commented, “This upgrade is a testament to GILICO’s financial strength, operating performance, and growing stature within the US annuity marketplace. We are proud of our outstanding results and long-term focus to deliver on the promises made to our
Read More

Categories: COVID-19, Guaranty Income, Industry News, and Linked Benefit/Hybrids.

Long-Term Care Virtual Assessments

From the Desk of Allen Gregoire Throughout the pandemic, Mutual of Omaha has been evaluating our underwriting and new business practices in efforts to support business continuity, deliver a high level of service and maintain our financial strength. As a result, your LTC Underwriting team is temporarily completing virtual assessments for applicants age 65 and over with favorable medical records. Virtual assessment qualification parameters will be based on underwriter discretion. Minimum requirements for consideration: Applicants age 65 and over with favorable medical records. * Applicants with any blood pressure, build and mobility concerns will not qualify for a virtual assessment.
Read More

Categories: COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

COVID-19 and underwriting guidelines

COVID-19 and underwriting guidelines We reevaluated and adjusted our underwriting guidelines for applicants who have had a negative COVID-19 test. The current guidelines are: If a test is taken: There will be no waiting period for negative testing scenarios such as work, travel, visiting family or testing in advance of an elective surgery (colonoscopy, etc.). There will be a one month waiting period for a negative test result on an applicant with symptoms or direct exposure to another person who was positive. A positive test is a 6 month waiting period after a full recovery to assess any residuals. These
Read More

Categories: COVID-19, Industry News, Long-Term Care, and National Guardian Life.

Thrivent LTC: COVID-19 Underwriting Update

Long Term Care: COVID-19 Underwriting Update Effective 12/8/20: Applicants ages 18-60 who are positive for COVID with no hospitalization, fully recovered and are symptom free for 30 days can be considered for coverage. Applicants ages 61-69 who are positive for COVID with no hospitalization, fully recovered and are symptom free for 60 days can be considered for coverage. If the applicant has not met the 60 day requirement but has a physician’s statement noting they have been seen and are fully recovered can be considered for coverage. Applicants age 70 & up who are positive for COVID with no hospitalization,
Read More

Categories: COVID-19, Industry News, Long-Term Care, and Thrivent.

Care Solutions News

Product News Annuity Care and Annuity Care II updates launching Nov. 21 We’re making updates to the Continuation of Benefits options on our Annuity Care and Annuity Care II products starting Nov. 21. Review the key details, including transition rules, states where changes apply and more. Attention California producers: Regulatory requirement impacting Asset-Care IV effective Oct. 24 Due to a change in calculation requirements under the non-forfeiture regulations, there will be a small impact to values illustrated prior to Oct. 24 and how the policy is issued for Asset-Care IV only. The result will be a slight increase in surrender
Read More

Categories: COVID-19, Industry News, Linked Benefit/Hybrids, and OneAmerica.

“Was COVID-19 Really the Killer?”

“Was COVID-19 Really the Killer?,” by Ed Susman, MedPageToday Quote: “As deaths attributed to the COVID-19 pandemic soar above 200,000, physicians and medical examiners have to decide whether decedents with positive SARS-CoV-2 tests died from COVID-19 or merely ‘with’ it — with autopsies providing the only sure answer. At a press conference at the 2020 virtual meeting of the College of American Pathologists (CAP), specialists noted that while autopsies – the gold standard for cause of death – can’t be performed on everyone, national totals for COVID-19 deaths probably come close to an accurate count.”   LTC Comment:   For more on
Read More

Categories: Clippings, COVID-19, and Industry News.