“Senior surprise: Getting switched with little warning into Medicare Advantage,” by Susan Jaffe, Washington Post

“’I felt like I had insured myself properly with Medicare,’ she said. ‘So I quit paying attention to the mail.’ With Medicare’s specific approval, a health insurance company can enroll a member of its marketplace or other commercial plan into its Medicare Advantage coverage when that individual becomes eligible for Medicare. Called ‘seamless conversion,’ the process requires the insurer to send a letter explaining the new coverage, which takes effect unless the member opts out within 60 days.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Seems like a pretty good reason to have agents involved
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Categories: Industry News and Medicare Supp./Adv..

“Lawmakers want answers to long-term care premium hikes,” by Meredith Somers, Federal News Radio

“Two Virginia congressmen are demanding answers from the Office of Personnel Management on why the premiums for the Federal Long Term Care Insurance Program are rising by as much as 126 percent. Earlier this month OPM announced that premiums would rise anywhere from 0-126 percent for long-term care insurance.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): I’d be glad to explain.  Congress eliminated demand for LTC insurance by making Medicaid benefits available after the insurable event occurs.  Then the Fed eliminated LTCI’s profitability by forcing interest rates to zero in order to enable Congress’s deficit
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Categories: Industry News and Long-Term Care.

Important Compliance Related Reminders and Updated Producer Compliance Manual

A vital element for the success of the Genworth Financial family of companies (referred to collectively as “Genworth”) is a strong commitment to high standards of business practices and conduct in the marketplace. As part of this commitment, Genworth’s Code of Ethical Market Conduct represents our company’s view of how producers must operate on a daily basis.  This Code creates the foundation of our market conduct philosophy.  As a producer representing one or more of the Genworth companies (“Company”), it is your professional responsibility to: Make recommendations and present products based on an analysis of the insurable needs or financial
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Categories: Genworth and Industry News.

LifeSecure Names New President & CEO, Adds Chief Operating Officer

Kevin Stutler, LifeSecure President & CEO LifeSecure Insurance Company has announced the appointment of Kevin Stutler as president and CEO, effective July 14, 2016. The move follows the departure of former LifeSecure president and CEO Tiffany Albert, who accepted the position of president and CEO of Blue Care Network, which like LifeSecure is part of the Blue Cross Blue Shield of Michigan (BCBSM) enterprise (click here for additional information). LifeSecure also named Patrick J. Prichard as chief operating officer (COO). “Tiffany was instrumental in helping LifeSecure reach new heights and strengthening our standing as a prominent national carrier. We thank
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Categories: Industry News and Life Secure.

GoldenCare Newsletter, July 25, 2016

In this Newsletter Edition: GoldenCare News:  Register for one of our online training events and receive a Complimentary CE Voucher just for attending!  See newsletter for details and some restrictions.     Also, don’t miss our 3-in-1 Promotion winners!   Congratulations and thank you to our 1st Quarter Promo winners!    Get your apps in to earn cash during the third quarter of our Promo, running now through September 30th! Compliance news on Medicare Part D Certification.   Mutual of Omaha has a revised MutualCare Solutions Product and Underwriting Guide available to navigate you through the field underwriting process.    Also, from Mutual of Omaha, a
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Categories: GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“Long-term care insurance market gets first new issuer in 10 years,” by Allison Bell, LifeHealthPRO

“The National Guardian Life Insurance Co. is starting to market EssentialLTC, a new stand-alone long-term care insurance policy.  The Madison, Wisconsin-based life insurer is the first insurer to enter the U.S. market for stand-alone long-term care insurance products in more than 10 years. The policy will pay for facility-based long-term care services, such as nursing home care, and comprehensive home and community-based long-term care services.  National Guardian Life, a policyholder-owned mutual insurer, is best known as a seller of insurance policies that help the purchasers cover funeral costs and related costs.  The LifeCare Assurance Co. of Woodland Hills, California, is
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Categories: Industry News and Long-Term Care.

“Money, Personal Preferences Push States on Long-Term Care,” by Jenni Bergal, Stateline

“State Medicaid directors know all too well about the enormous challenges they’ll face as 75.4 million boomers – now ages 52 to 70 – grow old.  ‘The impact is going to be huge,’ said Matt Salo, executive director of the National Association of Medicaid Directors. ‘While the face of Medicaid is pregnant women, kids and low-income working families, that’s not where most of the money is going.’ Nearly two-thirds of all Medicaid spending on services is for seniors and people with disabilities, who together make up only a quarter of those enrolled in Medicaid. Medicaid pays for 52 percent of
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Categories: Industry News and Long-Term Care.

“5 things state lawmakers want to do about long-term care insurance,” by Allison Bell, LifeHealthPRO

“States now spend about $100 billion per year, or about 6 percent of their $1.7 trillion in annual revenue, on Medicaid nursing home benefits and other Medicaid long-term care benefits for the poor, and for residents who have used ‘Medicaid planning’ to protect their assets. The share of state revenue going to fund Medicaid long-term care benefits could rise sharply starting around 2031, when the baby boomers begin to flow into the 85-and-older age category.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Yet, none of the “5 things” featured in this article address the fundamental
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Categories: Industry News and Long-Term Care.

“Adult children vital to senior living move-ins,” by Lois A. Bowers, McKnight’s Senior Living

“Looking at four years’ worth of data, the website found that, overall, move-in rates are three times higher when an adult child or child-in-law rather than the older adult completes the online lead form and is referred to a community. The move-in rate is three-and-a-half times higher for independent living and two-and-a-half times higher for assisted living when adult children make inquiries versus when older adults look by themselves.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Maybe there’s a lesson for LTCI marketers in this finding now that America is transitioning from an age of
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Categories: Industry News and Long-Term Care.

“Federal long-term care premiums rising by triple digits,” by Meredith Sommers, Federal News Radio

“Beginning July 18, [Federal Long Term Care Insurance Program] members can access their offer package online and view new premium rates, which the Office of Personnel Management said will range from 0-126 percent.  The increase is due to longer life expectancies, the lower rate of return of the investment in the trust fund of premiums, and basic inflationary increases.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Alas, the FLTCIP is not immune to the financial pressures bearing on traditional LTCI. Federal long-term care premiums rising by triple digits #goldencareagent
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Categories: Industry News and Long-Term Care.