Read Full GoldenCare Newsletter, November 23, 2020 Edition In this GoldenCare Newsletter Edition From GoldenCare: The GoldenCare Office will be closed Thurs, November 26th & Fri, November 27th for the Thanksgiving Holiday. PROMO TIME! Perfect Portfolio Sales Incentives Now through December 31, 2020 Diversify your portfolio for greater sales success! Join us for product and sales live and prerecorded training. Stay up-to-date on the latest products and sales strategies. Check back for our next exciting promotion! Guest Article: “70 percent of long-term care claims begin with home care,” by Joe Jancsurak, McKnight’s Senior Living Enjoy! Compliance:
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“How to Save Money on Assisted Living Costs”
“How to Save Money on Assisted Living Costs,” by Heidi Godman, U.S. News & World Report Quote: “Some people are able to knock down assisted living costs with contributions from Medicaid (if a facility accepts it), veterans benefits or long-term care insurance policies. And there other ways to save money on assisted living costs as well.” LTC Comment: Click through for ways to save money on assisted living. But the best way to save money remains to leverage against the risk and cost of LTC by means of private insurance. That’s the biggest bang for the buck if you end up needing
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“Higher Medicare Premiums For 2021 Announced, Topping Out At $504.90”
“Higher Medicare Premiums For 2021 Announced, Topping Out At $504.90,” by Bob Carlson, Forbes Quote: “Medicare premiums and other costs will increase in 2021, the Centers for Medicare and Medicaid Services (CMS) recently announced. But the CMS reported earlier that premiums for the private sector version, Medicare Advantage plans, will decline for 2021. … The IRMAA rises as adjusted gross income increases. The maximum IRMAA in 2021 will be $356.40, bringing the total monthly cost for Part B to $504.90 for those in that bracket.” LTC Comment: OMG, IRMAAgod!
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“CalPERS approves 90% price increase for long term care insurance plans”
“CalPERS approves 90% price increase for long term care insurance plans,” by Wes Venteicher, Sacramento Bee Quote: “CalPERS leaders approved a 90% premium increase for its long term care insurance plans Tuesday, seven years after the announcement of a similar increase spurred a lawsuit. The new rates will be introduced over two years, with a 52% hike coming in July 2021 and a 25% increase in July 2022, Chief Health Director Don Moulds told the California Public Employees’ Retirement System’s board Tuesday. Compounded, the rate of increase is 90% over the two years.” LTC Comment: Therein lies a lesson
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“Where Are the Gray Panthers”
“Where Are the Gray Panthers,” by Steve Monroe, The Senior Care Investor Quote: “Where are the Gray Panthers when you need them? Many of you may not remember this 1970s activist group that got its start when someone really objected to forced retirement at 65. This was a full 50 years ago today. “As winter approaches and senior living providers prepare for another round of potential shutdowns, lockdowns, admission and tour bans because this pandemic is not going away, when will our senior citizens rise up and revolt? Senior living communities are ‘their’ homes, and it is about time
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“Big, big changes’ coming to nursing home regulation thanks to pandemic’s destruction, Grabowski says”
“‘Big, big changes’ coming to nursing home regulation thanks to pandemic’s destruction, Grabowski says,” by Liza Berger, McKnight’s LTC News Quote: “One of the biggest problems the pandemic has revealed is the lack of investment in staff, from poor pay to lack of personal protective equipment and testing, he said. Nursing homes need to provide hazard pay, a living wage and non-punitive sick leave to staff, among other benefits. He noted that the death count among staff has surpassed that of logging workers and commercial fishermen — the two most dangerous professions in the United States before the
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“28% Growth in Medicare Advantage Plans Led By Senior Housing and Care Providers”
“28% Growth in Medicare Advantage Plans Led By Senior Housing and Care Providers,” by Tim Mullaney, Senior Housing News Quote: “An increasing number of senior living and care providers are launching Medicare Advantage (MA) plans, pursuing potential clinical and financial benefits despite new challenges posed by Covid-19. In 2020, 76 Medicare Advantage special needs plans (SNPs) were directly owned by senior housing and care providers, including skilled nursing and assisted living companies. For plan year 2021, that number increased to 98 plans, according to newly released data from ATI Advisory.” LTC Comment: Medicaid-dependent SNFs running MA
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“70 percent of long-term care claims begin with home care”
“70 percent of long-term care claims begin with home care,” by Joe Jancsurak, McKnight’s Senior Living Quote: “Seventy percent of 2019 long-term care insurance policy claimants received initial benefit payments for care at home, according to the American Association for Long-Term Care Insurance. That 70% represents a 52% increase over 2014 claims data as reported by the AALTCI. And the percentage likely will increase. ‘COVID-19 has made individuals increasingly desirous of the ability to remain at home, and more insurance professionals are focusing on the home care benefits available,’ AALTCI Director Jesse Slome said.” LTC Comment:
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NGL’s upcoming holiday hours
Upcoming holiday hours We hope you have a safe and healthy holiday season. Please note these upcoming important dates with special holiday hours for our office: Wednesday, November 25 – Office closes at 1 p.m. PST Thursday, November 26 – Closed Friday, November 27 – Closed Thursday, December 24 – Office closes at 1 p.m. PST Friday, December 25 – Closed Thursday, December 31 – Office closes at 1 p.m. PST Friday, January 1 – Closed Please contact your dedicated Long Term Care Sales Team at LTC@nglic.com with questions. Thank you. #goldencareagent #ngl #longtermcare
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Long-Term Care Time Service Update
From the Desk of Allen Gregoire and Kathy Abbott On behalf of Mutual of Omaha, we want to first and foremost thank you for the amount of long-term care business we have been receiving here at the home office. We know this is due to your ongoing loyalty and partnership. We remain committed to providing the quality service you have come to expect, and our new business and underwriting teams are fully operational. However, due to high volumes of new business, our LTC underwriting and new business teams are experiencing delays in time service. In response, we have underwriters and
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