“Tavenner slams CMS over Medicare Advantage underpayments,” by Virgil Dickson, Modern Healthcare

“CMS’ previous administrator Marilyn Tavenner is criticizing her former agency after a new analysis shows the CMS is underpaying Medicare Advantage plans for the costs of treating individuals with multiple chronic conditions. …  This is the first time Tavenner has publicly criticized her former agency, and it comes at a time when AHIP is facing scrutiny over losing two of its biggest members, Aetna and UnitedHealth Group.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): We’ll keep a watchful eye as these developments bear following. Tavenner slams CMS over Medicare Advantage underpayments #goldencareagent
Read More

Categories: Aetna, Industry News, and Medicare Supp./Adv..

“We’re lucky if we get to be old, physician and professor believes,” by Tara Bahrampour, Washington Post

“In the land of Botox and celebrity teenagers and the 18-to-34-year-old target consumer, the idea that old age can be as rewarding as youth is not an easy sell. In fact, Thomas believes that Americans have bought so willingly into the idea of aging as something to be feared that it has become a self-fulfilling prophecy leading to isolation, loneliness and lack of autonomy. He wants to change that, and he is well qualified for the job.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This long and complimentary article about Dr. Bill Thomas and his
Read More

Categories: Industry News.

“The Benefits and Drawbacks of Buying an Annuity Doubler to Pay for Long-Term Care,” ElderLawAnswers

“An annuity is a contract with an insurance company under which the consumer pays the company a certain amount of money and the company sends the consumer a monthly check for the rest of his or her life, or for a certain term. Immediate annuities are a way to receive a guaranteed income for life and can be useful in Medicaid planning.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Annuities can be put to good or bad use in long-term care planning. We addressed both in LTC Bullet:  LTC Annuities:  To Get or Avoid Medicaid?,
Read More

Categories: Industry News and Linked Benefit/Hybrids.

“What to Do With Your HSA Money When You Go on Medicare,” by Kerri Anne Rensulli, Time

“There are no rules requiring you to spend your existing HSA balance or take any IRA-like required minimum distributions once you become a Medicare beneficiary, says Paul Fronstin of the Employee Benefit Research Institute. And because these accounts grow tax-free, there’s no real hurry to spend it down. …  One caution:  You should try to spend down the balance by the end of your life, or a surviving spouse’s. Non-spouse beneficiaries do not inherit the HSA’s favorable tax treatment; rather, the HSA’s assets get treated as taxable income.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Read More

Categories: Industry News and Long-Term Care.

GoldenCare Good News!

Good News! GTL’s Critical Care / Critical Cash is now available on the iPad/iPhone app! Critical Care and Critical Cash are designed to pay cash benefits upon diagnosis of a critical illness with increased benefits for assisted living and nursing home confinement. Download the New iPad/iPhone app by clicking the “Read Full Good News” below. GTL’s new iPad/iPhone app, GTL Mobile Agent Portal, is available for free on Apple’s App store. This sleek new app now works on your iPhone as well as your iPad. You can easily get a quote and submit an application for Critical Cash all in
Read More

Categories: GoldenCare News and Industry News.

GoldenCare Newsletter January 18, 2016

In this GoldenCare Newsletter Edition: An important message from MedAmerica’s Bill Naylon.   Also, be sure not to miss updates from Genworth, Mutual of Omaha and John Hancock’s updated Consumer Partnership Brochure.   Our Guest Article I Still Believe in Long-Term Care Insurance” by LTCi author-trainer Phyllis Shelton, along with her new collection of successful selling presentations. New! for 2016, GoldenCare is rolling out our “Perfect Portfolio” products and training webinar.  These products will help you close more sales and help more clients.   All this and more in this edition! Read Full GoldenCare Newsletter, January 18, 2016 #goldencareagent #mutualofomaha    
Read More

Categories: GoldenCare News and Industry News.

“My Motherless Mother,” by Candy Schulman, New York Times

“‘Don’t ever put me in a home,’ she said, sounding desperate.  ‘I won’t,’ I promised, suggesting that she might live with me someday. Even though my city apartment couldn’t house all of us. …  My older brother was unavailable, and my other brother had died at the age of 46 from lung cancer. Fortunately, Mom had a long-term insurance policy to cover the cost of having round-the-clock aides. I borrowed money to make up for my lost income as a freelancer. …  She never even knew I kept my promise and didn’t put her in a nursing home. But I
Read More

Categories: Industry News and Long-Term Care.

“I Still Believe in Long-Term Care Insurance,” by Phyllis Shelton, Advisor Magazine

“Every time a company exits the long-term care insurance industry, the naysayers rear their ugly heads and point their fingers as if to say ‘We told you it wouldn’t work…we told you it would fail.’ This type of nonproductive advice is very familiar to me. I heard it many times when I transitioned to long-term care insurance in 1988 after a decade of being a marketing executive for Blue Cross Blue Shield. People just couldn’t understand why I would go from a corner office of the ‘gold building’ in Chattanooga, TN to beating the streets as a long-term care insurance
Read More

Categories: Industry News and Long-Term Care.

Helping a Client Use an HSA to Pay Long Term Care Insurance Premiums

If you have clients who own a Health Savings Account (HSA) or are eligible to open one, they may be able to use pre-tax dollars from the account to pay for all or part of their Long Term Care Insurance (LTCI) premiums. Using an HSA to pay for LTCI premiums may be an attractive option for clients who are not eligible to deduct their premiums as either a self-employed person or as unreimbursed medical expenses on their federal income tax returns. For additional details and more on using an HSA to help pay LTCi Premiums, click the links below: Helping
Read More

Categories: Genworth, Industry News, and Long-Term Care.

2016 Benefit Limits for Grandfathered Partnership States

These are new state Partnership minimums in effect in the grandfathered partnership states that you should be aware of in the event that your clients request a decrease in their benefits. The new minimums are summarized below: California – Daily Benefit Minimum is $190/Monthly Benefit Minimum is $5,890 Connecticut – Daily Benefit Minimum is $256/Monthly Benefit Minimum is $7,936 Indiana – Daily Benefit Minimum is $115/Monthly Benefit Minimum is $3,365 / Minimum for total asset protection is $336,927 New York – Daily Benefit Minimum is $294/Monthly Benefit Minimum is $9,114 2016 Benefit Limits for Grandfathered Partnership States #goldencareagent #John Hancock
Read More

Categories: Industry News, John Hancock, and Long-Term Care.