“7 Reasons New York’s $26M John Hancock LTCI Action Matters for Advisors,” by Allison Bell, ThinkAdvisor Quote: “State Medicaid could start to go after insurers and other financial services companies that fail to live up to agreements with people who end up using Medicaid to pay nursing home bills. New York state insurance regulators raised that possibility last week, when they announced a $26.3 million consent agreement with Manulife’s John Hancock unit.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Good luck with that! Medicaid will need to do a much better job than it has with
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“Updated numbers on people exempted from state’s long-term-care program and payroll tax,” by Elizabeth Hovde, Washington Policy Center Quote: “As of Monday, Aug. 15, the Employment Security Department reports the following WA Cares exemption numbers: Total opt-out requests submitted: 478,781 Total opt-out requests processed: 478,681 Total opt-out requests approved: 475,072 Applications processed as a percentage of total: 99.98%”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Looks like a slam dunk to get your opt out request approved.       Subscribe to GoldenCare News  
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“Over 50% Of Generation X Can’t Afford To Help Their Senior Parents,” Advisor Magazine Quote: “To learn exactly how Gen X adult children are feeling about their parents’ financial state, AAG, a national leader in home equity solutions for seniors, conducted the Adult Children Survey with over 1,500 participants ages 40-55 who have senior parents. To read the full results of AAG’s Adult Children Survey, visit here.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Home equity to the rescue, just as we’ve long predicted. But that means Gen X inheritances will be subdued compared to the
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“With new acquisition, Humana carves out larger slice of Medicaid pie,” by Diane Eastabrook, McKnight’s Home Care Quote: “Humana’s announcement last week to acquire Wisconsin managed care organization Inclusa moves the company deeper into the lucrative long-term care services and supports market for Medicaid beneficiaries, as well as beneficiaries dually eligible for Medicare and Medicaid. … Medicaid has become an increasingly attractive business for payers as increased federal funds during the COVID-19 pandemic encouraged states to expand their Medicaid programs. A temporary 10% increase in the Federal Medical Assistance Percentage (FMAP) will provide an additional $12.7 billion for states through March 2024.  A recent report by the
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“What You Need to Know About Medicaid’s Personal Needs Allowance,” ElderLawAnswers Quote: “The WA Cares Fund’s operational details are interesting, but its impact on consumer behavior is what matters here. Faced with an immediate cost related to long-term care, people behaved differently than before. Instead of ignoring LTC until they need it and then relying primarily on Medicaid if confronted with catastrophic care costs, people bought the private coverage to avoid compulsory payroll deductions imposed by the state. That outcome has important public policy implications. If we want more people to plan ahead and prepare privately for long-term care, we need to
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