“Long-Term Care Annuities: Pros and Cons,” by Rebecca Lake”

“Long-Term Care Annuities: Pros and Cons,” by Rebecca Lake, Yahoo! Finance   Quote: “A long-term care annuity is a deferred annuity that includes a long-term care rider. A rider is essentially an add-on you can include when purchasing an annuity that offers extra features or benefits. You purchase the annuity with the long-term care rider and when you eventually need long-term care, you can begin receiving payments to help with those expenses. Payments can be made to you monthly or as a lump sum. Your annuity company can give you the money to use as needed or reimburse you after the fact
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Categories: Clippings, Industry News, and Long-Term Care.

“Feds Probing How Personal Medicare Info Gets to Marketers”

“Feds Probing How Personal Medicare Info Gets to Marketers,” by The Associated Press, New York Times   Quote: “A government watchdog is launching a nationwide probe into how marketers may be getting seniors’ personal Medicare information aided by apparent misuse of a government system, officials said Friday. … The watchdog agency’s decision comes amid a wave of relentlessly efficient telemarketing scams targeting Medicare recipients and involving everything from back braces to DNA cheek swabs.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): One more Medicare thing to worry about.    
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Categories: Clippings, Industry News, and Long-Term Care.

“Seniors on Medicare Advantage less likely to have issues paying medical bills: CDC study”

“Seniors on Medicare Advantage less likely to have issues paying medical bills: CDC study,” by Robert King, Fierce Healthcare   Quote: “Seniors on traditional Medicare were more likely to be a part of a family that has problems paying medical bills compared to beneficiaries on Medicare Advantage (MA), a new study found. But beneficiaries on MA were also more likely to struggle with medical bills compared to those on private insurance coverage. The study, (PDF) released Wednesday from the Centers for Disease Control and Prevention (CDC), found that overall the percentage of people in families that had a problem paying a
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Categories: Clippings, Industry News, and Long-Term Care.

LTC Commission Timing and No Cash with Application Update

Beginning February 23, compensation will be paid at the time the first premium payment is received, all Post Issue Requirements (PIRs) are complete and the case is considered placed. Applications signed on or after this date will be effective on the date the policy is issued. Date of application will no longer be a coverage effective date option. As we implement these changes, there are important dates and details to remember: February 23, 2020 Policies issued will be effective on the date of issue. Replacement cases will still have the option to elect a date after policy issue. Initial premium
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Legacy Rate Adjustments Effective May 1, 2020

Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha, and we intend to remain a key player in this market for years to come. To fulfill this commitment, we actively monitor emerging industry trends and make any adjustments necessary that enable us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, we will be implementing the following rate adjustments effective May 1, 2020: Block of Business Impacted States LT50, NH50, HCA, NHA & LTA Hawaii   For a complete rate history, see the state approval grid on Sales Professional Access. Policyholder
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

In-Force Rate Action Announcement: Oregon (Privileged Choice® and Classic Select®)

> Privileged Choice® and Classic Select® with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Oregon has now allowed the following increases: Oregon Product Series Increase Percentage Privileged Choice 48.1% Classic Select 48.1%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin February 18, 2020 and will continue throughout the next
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Categories: Genworth, Industry News, and Long-Term Care.

2020 Partnership Minimum Benefit Requirements for CA, CT, IN and NY

Each year, the original Partnership states (CA, CT, IN and NY) revisit certain minimum benefit requirements to qualify for their Partnership programs. The requirements that are changing for 2020, as well as some (but not all) minimum Partnership requirements that not changing, are listed below. California Partnership The following minimum benefit requirements for Partnership in California are changing for 2020. Requirements 2019 2020 Minimum Daily Benefit $220 $230 Minimum Monthly Benefit $6,820 $7,130   Connecticut Partnership The following minimum benefit requirements for Partnership in Connecticut are changing for 2020. Requirements 2019 2020 Minimum Daily Benefit $283 $291 Minimum Monthly Benefit
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Categories: Genworth, Industry News, and Long-Term Care.

EssentialLTC Sales Guide Redesigned!

NGL Sales Guide Redesigned The EssentialLTC Sales Guide is redesigned to highlight popular product features with case studies demonstrating when and how each product feature can be used. Understanding the product features allows you to better customize plans and meet the needs of your clients. The hypothetical examples included in the new Sales Guide illustrate how EssentialLTC may benefit a client’s situation and are listed below: Lifetime Benefit Period Extension Rider Shared Benefit Amount Rider Return of Premium Riders Return of Premium with Optional Policy Surrender Riders Flexible Premium Payment Options Inflation Protection Riders Click here to log in to
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Categories: Industry News, Long-Term Care, and National Guardian Life.

LTC Application Update – No Premium Deposit

New – No premium deposit required with applications It’s easier for you to submit EssentialLTC applications. Thanks to your feedback you can now submit mailed paper applications, E-APPs and upload signed paper applications without including a premium deposit. This new feature is available now. Benefits of using E-APP You can work with clients nationwide Share your screen with clients or use it directly with the client Integrates illustration information into the application Time efficient application process Reduces “not in good order” applications Faster processing of business Click here to submit new business. NGL: Announcing LTC Application Updates   #goldencareagent #ngl
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Categories: Industry News, Long-Term Care, and National Guardian Life.

Getting Into the Hearts and Minds of Long-Term Care Buyers

Getting Into the Hearts and Minds of Long-Term Care Buyers At Mutual of Omaha, our goal is to help you find the right people to talk to about long-term care insurance – those who are most likely to buy a policy from you. In an effort to identify the right people, we initiated a research project to get into the hearts and mind of long-term care insurance buyers. We wanted to know who they are, why they buy (and why they don’t) and what steps they take to educate themselves before making a buying decision. We also wanted to know
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).