“Health Care Spending Could Reach 40% of Federal Total by 2047”

“Health Care Spending Could Reach 40% of Federal Total by 2047,” by Maggie Flynn, Skilled Nursing News “If current policies don’t change, federal spending on Medicare, Medicaid, and other health care programs will grow faster than any other category over the next three decades — eventually reaching 40% of the federal budget. The Congressional Budget Office (CBO) presented these statistics in a Wednesday presentation to the Council for Affordable Health Coverage and the American Action Forum, painting a striking picture of the future of Medicaid, the number-one skilled nursing payer.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Something has
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Categories: Industry News and Long-Term Care.

“Why LTC Needs to Be Included in a Retirement Plan: Part 1”

“Why LTC Needs to Be Included in a Retirement Plan: Part 1,” by Sandra Timmerman, ThinkAdvisor “Although long-term care is a major worry of people nearing or in retirement, it appears that financial professionals rarely bring up the subject.  According to a recent study, women whose husbands had died wanted to know more about long-term care planning, but very few advisors talked to them about it.2 There are hardly any retirees who would neglect to purchase Medicare Supplemental Insurance when they reach age 65. But, for some reason, buying or planning for long-term care protection isn’t viewed in the same
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Categories: Industry News and Long-Term Care.

“IRS Issues Long-Term Care Premium Deductibility Limits for 2018”

“IRS Issues Long-Term Care Premium Deductibility Limits for 2018,” ElderLawAnswers “The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2018 income as a result of buying long-term care insurance.”   Attained Age Before Close of Taxable Year 2018 Deductible Limits 40 or less $420 More than 40 but not more than 50 $780 More than 50 but not more than 60 $1,560 More than 60 but not more than 70 $4,160 More than 70 $5,200   LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform): We’ve updated these numbers in our
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Categories: Industry News and Long-Term Care.

“How to support your parents while saving for retirement”

“How to support your parents while saving for retirement,” by Jim Sandager, De Moines Register “In their 2015 financial support survey, TD Ameritrade found that 13% of American adults are financially supporting their parents. And it appears to be a growing issue. According to the survey, 19% of millennials are helping pay their parents’ bills, compared to 13% of Generation Xers and 8% of Baby Boomers. So what happens if you are, or become, one of those 13%? How do you help your parents through their retirement end of their lives, while still preparing for your own? . . .
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Categories: Industry News and Long-Term Care.

GILICO Announces AM Best Upgrade

November 1, 2017 PRESS RELEASE Contact: Forrest E. Mills, Jr., CFO Guaranty Income Life Insurance Company “A Kuvare Company” Phone: 225-383-0355 Fax: 225-388-0022 forrest@gilico.com www.gilico.com GUARANTY INCOME LIFE ANNOUNCES UPGRADE FROM A.M. BEST November 1, 2017, Baton Rouge, LA – Guaranty Income Life Insurance Company received upgrades from A.M. Best to their Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and their Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb-.” The outlook on these Credit Ratings is “stable.” Dhiren Jhaveri, Chairman of Guaranty Income Life Insurance Company (GILICO), said, “We are pleased with the upgrade of
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Categories: Guaranty Income, Industry News, and Linked Benefit/Hybrids.

Florida Department of Insurance CE Compliance News

Continuing Education Deadline Extended to Assist with Hurricane Irma Recovery To help accelerate Hurricane Irma recovery efforts across Florida, CFO Patronis announced an extension of continuing education deadlines for licensed insurance professionals in Florida. Continuing education deadlines are set by the licensee’s birthday month, and any licensee with a deadline in September, October or November will now have an extended deadline of December 31, 2017, to complete their continuing education requirements. Are You Compliant with Your CE or Not To be CE compliant requires more than just taking CE courses. Below are a few suggestions for remaining CE compliant: CE
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Categories: Industry News.

Genworth Financial Announces Third Quarter 2017 Results

11/02/17 Net Income Of $107 Million And Adjusted Operating Income Of $76 Million RICHMOND, Va., Nov. 2, 2017 /PRNewswire/ — Strong Insurance In Force Growth, Loss Ratio, And Capital Levels For U.S. Mortgage Insurance (MI) U.S. MI’s PMIERs1 Sufficiency Ratio At 122 Percent, In Excess Of $500 Million Above Requirements Strong Loss Ratio And Capital Levels For Canada MI Annual Review of Long Term Care Insurance (LTC) Claims Reserve Completed. No Significant Adjustments As Aggregate LTC Claim Experience In Line with Expectations. Loss Recognition And Cash Flow Testing Will Be Completed With The Fourth Quarter Financial Close Net Income2 Included
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Categories: Genworth, Industry News, and Long-Term Care.

“4 Signs You Need to Seek Long-Term Care for Your Aging Parent”

“4 Signs You Need to Seek Long-Term Care for Your Aging Parent,” by Anna Medaris Miller, US News & World Report Quote:  “1. They can’t get organized. . . . 2. They’re letting hygiene slip. . . . 3. They’re declining physically. . . . 4. You don’t have the bandwidth.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): These are the four signs. Click through to the article for details. 4 Signs You Need to Seek Long-Term Care for Your Aging Parent #care #parent
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Categories: Industry News and Long-Term Care.

“Medicare Spends Far More On Older Adults Who Need Personal Assistance”

“Medicare Spends Far More On Older Adults Who Need Personal Assistance,” by Howard Gleckman, Forbes “This study is important because it highlights the consequences of the flawed way we care for older adults:  Medicare does not pay for personal assistance yet those who need it are likely to be very high users of medical care, which Medicare does pay for. The study results imply that we could reduce Medicare’s medical costs if we provide cost-effective personal care for older adults.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This study implies no such thing. Of course
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Categories: Industry News and Long-Term Care.

“3 New Findings About Long-Term Care Planning Prospects’ Emotions”

“3 New Findings About Long-Term Care Planning Prospects’ Emotions,” by Allison Bell, ThinkAdvisor “Here’s a look at three of the survey team’s findings. Many people have a hard time admitting that they would have negative feelings if they suddenly had to provide care for a loved one. . . . Members of Generation X expressed the strongest emotions about caregiving. Many baby boomers, or people born in 1946 or earlier, may already be retired, and may already be providing care. Many millennials, or adults born between 1980 and 1999, may have no young children to take care of, and only
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Categories: Industry News and Long-Term Care.