“State Faces $6.1 Billion Deficit Amid Medicaid Woes”

“State Faces $6.1 Billion Deficit Amid Medicaid Woes,” by Nick Reisman, Spectrum News “Added expenses for the state’s health care program for the poor has contributed to a $6.1 billion budget gap, according to a mid-year update released on Friday by Gov. Andrew Cuomo’s budget office. The report, released weeks after legally mandated deadline was blown, points to increases in the minimum wage, a phase out of added funding by the federal government and an increase in enrollment and costs for managed long-term care and payments to cash-distressed hospitals.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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Categories: Clippings, Industry News, and Long-Term Care.

“OK Boomer”

OK Boomer,” Wikipedia OK Boomer’ is a catchphrase and internet meme that gained popularity among younger cohorts throughout 2019, used to dismiss or mock attitudes stereotypically attributed to the baby boomer generation.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The phrase “OK Boomer” is all over the media lately. Here’s what it means. Perhaps the long-predicted generational conflict is finally taking hold.
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Categories: Clippings, Industry News, and Long-Term Care.

“Opinion: How far off are the actuarial adjustments of Social Security benefits?”

“Opinion: How far off are the actuarial adjustments of Social Security benefits?,” by Alicia H. Munnell,  “The stylized fact that high earners live longer and claim later adds a distributional consideration to these findings. At the simplest level — taking the adjustments as given — low earners claim early and are overcharged for that privilege, and high earners claim later and are rewarded roughly correctly. The simple results, however, substantially understate the advantages for high earners. The evaluation of the adjustments presented above was based on the life expectancy of the average worker. If the assessment had been based on the
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Categories: Clippings, Industry News, and Long-Term Care.

2020 Tax Deductible Limits For Long-Term Care Insurance Announced

The just announced increased 2020 tax deductible limits can be a significant benefit for those with tax-qualified long-term care insurance policies according to the American Association for Long-Term Care Insurance. “Tax deductibility for your long-term care insurance is a great subsidy especially after retirement, but only a small segment of newly purchased long-term care insurance policies offer the tax deductible opportunity,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Internal Revenue Service just announced the increased limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2019-44, a couple age
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Categories: GoldenCare News, Industry News, and Long-Term Care.

“Improper Medicaid payments exceed $57 billion for fiscal year, CMS says”

“Improper Medicaid payments exceed $57 billion for fiscal year, CMS says,” by Lois A. Bowers, McKnight’s Senior Living   “Improper Medicaid payments for fiscal year 2019 are estimated at $57.36 billion, a 14.9% rate, the Centers for Medicare & Medicaid Services said Monday. The amount is an increase from $36.2 billion in fiscal year 2018 (a 9.79% rate), but CMS said data for the two years are not comparable due to changes in the way the agency calculates the measurements. Improper payments now are calculated using the Payment Error Rate Measurement, or PERM, program, which was ‘paused’ from FY 2014
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Categories: Clippings, Industry News, and Long-Term Care.

“Memory care approach cuts antipsychotic med use in more than 50% of residents: study”

“Memory care approach cuts antipsychotic med use in more than 50% of residents: study,” by Lois A. Bowers, McKnight’s Senior Living “A person-centered approach to memory care led to the reduced or discontinued use of off-label antipsychotic medications in more than half of the residents of 53 long-term care communities, including assisted living communities, who participated in a study, the results of which were announced last week. The study was conducted in the Canadian provinces of Newfoundland and Labrador and Prince Edward Island. … Forty percent of assisted living residents in the United States are living with dementia, according to the
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Categories: Clippings, Industry News, and Long-Term Care.

GoldenCare Newsletter | November 18, 2019

Read Full GoldenCare Newsletter, November 18, 2019 Edition In this GoldenCare Newsletter Edition From GoldenCare:   Diversify your portfolio for greater sales success! Join us for product and sales live and prerecorded training.  Stay up-to-date on all the latest and greatest in the industry.    For a list of current topics and to get in on the discussion Click Here. Update Your Contracts LTCCEO Updates: Be sure you’ve got the latest version!  Double click “Check for Updates” on your desktop to receive the latest update or call us at 800-842-7799! Happy Selling! Current Promotion: Check back for our next exciting promotion!
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Categories: GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), National Guardian Life, Securian, and Transamerica.

“Dementia care planning benefit largely untapped: testimony”

“Dementia care planning benefit largely untapped: testimony,” by Alicia Lasek, McKnight’s LTC News “Dementia care planning can reduce emergency room visits and hospitalizations while improving medication management. But relatively few clinicians are aware of Medicare’s care planning benefit, said Robert Egge, chief public policy officer of the Alzheimer’s Association, during recent testimony before the House Ways and Means Committee. In 2017, the first year the benefit was available, fewer than 1% of those living with cognitive impairment received care planning, according to a recent study.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The more Medicare
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Categories: Clippings, Industry News, and Long-Term Care.

“Welcome to ‘Unretirement’: Most Older Americans Say They’ll Keep Working,” by Bernice Napach”

“Welcome to ‘Unretirement’: Most Older Americans Say They’ll Keep Working,” by Bernice Napach, ThinkAdvisor   Quote: “A new Harris Poll conducted on behalf of TD Ameritrade finds that a solid majority of Americans age 40 and older plan to continue working after retiring. And of those who intend to keep working, most plan to work their entire lives.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): How ironic! We used to have to work until we dropped unless we took personal responsibility to save, invest or insure for a secure old age. Then the government insisted
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Categories: Clippings, Industry News, and Long-Term Care.

Thanksgiving Office Closing

Mutual of Omaha and its affiliates (United of Omaha and United World) will be closed on Thursday, Nov. 28, and Friday, Nov. 29, 2019, for the Thanksgiving holiday.   Thanksgiving Office Closing   #goldencareagent #mutualofomaha #thanksgiving
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Categories: Critical Illness, Dental, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).