“UnitedHealth never sold any long-term care insurance, but state guaranty funds are requiring UnitedHealth and other health insurers to pay assessments to cover the cost of protecting the policyholders of Penn Treaty Insurance Company and a sister company. Pennsylvania regulators are in the process of liquidating both companies, after concluding that the company’s reserves cannot support the LTCI coverage the companies wrote.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The “risk pool” for insurers. UnitedHealth to take $350 million LTCI guaranty fund charge #goldencareagent
Read More
“Treasury economist finds women need help with LTC costs,” by Allison Bell, LifeHealthPRO
“The typical 80-year-old woman in the United States may have enough financial resources, including home equity, to pay for about 20 months of nursing home care, or 35 months of home health care. An 80-year-old woman in the top quarter in terms of income and wealth may be able to pay 58 months of nursing home care and about 103 months of home health care. Jason Brown, an economist at the U.S. Treasury Department, included those figures in a major new report on the economic security of older women in the United States.” LTC Comment (from Stephen A. Moses, President,
Read More
“Medicare 2017 costs at a glance,” by Medicare.gov
“Listed below are basic costs for people with Medicare. If you want to see and compare costs for specific health care plans, visit the Medicare Plan Finder. For specific cost information (like whether you’ve met your deductible, how much you’ll pay for an item or service you got, or the status of a claim), visit MyMedicare.gov.” LTC Comment: (from Stephen A. Moses, President, Center for Long-Term Care Reform) We’ll update these key Medicare numbers in The Zone this morning. There you can find the comparable numbers for each year going back to 1993. You’ll need your user name and password
Read More
“Health plans could see up to $10 billion more from Medicare Advantage,” by Virgil Dickson, Modern Healthcare
“The CMS currently calculates MA payments based on fee-for-service Part A spending, which covers hospital care, and Part B, which covers more routine care such as doctors’ visits. Health plans that offer Medicare Advantage cover both parts. Medicare fee-for-service does not mandate participation in both parts. That means the current formula for determining rates underestimates spending, resulting in plans potentially being underpaid. To address this issue, MedPAC is recommending that the HHS secretary alter the current formula to be based only on fee-for-service spending data for beneficiaries enrolled in both Part A and Part B. Plans, not surprisingly, lauded MedPAC’s
Read More
“7 key ways the long-term care insurance market has changed,” by Allison Bell, LifeHealthPRO
“America’s Health Insurance Plans, the insurers’ Washington-based trade group, commissioned a major consumer study by Waltham, Massachusetts-based LifePlans Inc., to look for ways to get back in the LTCI game.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More on the LifePlans’ report we highlighted in last Friday’s “LTC Bullet: Who Buys LTCI and Who Doesn’t?,” January 13, 2017. 7 key ways the long-term care insurance market has changed #goldencareagent
Read More
“Don’t Underestimate the Value of Long-Term Care Insurance,” by Alicia Caramencio, AHIP
“Many people underestimate their likelihood of needing need long-term care (LTC) and how much that care will cost. People have a 50 percent chance of needing LTC at some point in life, and about 30 percent of people who do may need care for five years or more, according to a new study by LifePlans, Inc. on behalf of America’s Health Insurance Plans (AHIP). … Read the full report to understand the long-term care (LTC) insurance marketplace from the consumer’s point of view.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Actually, this is the latest
Read More
GoldenCare Newsletter | January 9, 2017
In this Edition From GoldenCare: Help us improve your training experience by taking our quick survey on training topics you’d like to hear! It’s Promo Time! Double-Point January on GoldenCare Rewards for MutualCare Solutions and CareShield. That’s 800 points per approved applicant! See Newsletter for promo details. Our Guest Article is “A Little Optimism on the Future of Retirement,” by Ramesh Ponnuru, Bloomberg. Enjoy! Mutual of Omaha has been reaffirmed by A.M. Best with an A+ rating. Also, please see the Newsletter for exciting new changes to Customer Access to allow additional payment processing. Also in this newsletter, refresh your
Read More
Transamerica Holiday Closure Jan. 16
The Transamerica Long Term Care administrative office in Plano, TX will be closed Monday, January 16, 2017, to mirror hours of the New York Stock Exchange. Please allow additional time if necessary to order and receive materials during that time. Much of the important materials and resources you may need will be continue to be available on our Agent Resource Center. Transamerica Holiday Closure Jan. 16 #goldencareagent #Transamerica
Read More
“Boomers and their parents come face to face with need for support, care,” by Jerre Redecker, The Olympian
“As baby boomers enter or approach their own retirement, their parents need more support for their physical and cognitive needs. They are the first generation to live long enough to need widespread, yearslong care, and many haven’t planned for it, said David Robinson, a geriatric care manager in Thurston County. ‘It’s the rare person who decides they want to get ahead of change,’ Robinson said. But making a change before it’s a crisis is the goal, he said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Sound advice but public policy in Washington State aims mostly
Read More
“Regulator calls for a long-term care planning shift,” by Allison Bell, LifeHealthPRO
“The head of the Long Term Care Innovation Subgroup says creating a savings mentality has to be part of improving the U.S. long-term care planning system. Teresa Miller, the Pennsylvania insurance commissioner, talked about an effort to shift the country to a long-term care savings mentality in a document prepared for a subgroup meeting held in December.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Worth a look, but the “document” overlooks the reason an LTC “savings mentality” is missing in the first place: Medicaid desensitizes the public to LTC risk and cost by paying for
Read More
