“Alzheimer’s: Why actuaries shouldn’t bet on a cure,” by Stacey Burling, Philly.com

“Vince Bodnar, chief actuary for LTCG, which provides actuarial services to the long-term-care insurance industry, cautioned fellow actuaries that even a highly effective Alzheimer’s drug will reduce costs only so much. Dementia is a disease of the elderly, and many have other serious health problems. A new Alzheimer’s drug ‘won’t completely take away people’s disabilities,’ he said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Actuary and author Bodnar of Center-corporate-member LTCG tells it like it is. Alzheimer’s: Why actuaries shouldn’t bet on a cure #goldencareagent
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Categories: Industry News and Long-Term Care.

“How Much Will Your Health Expenses Be in Retirement?,” by Glenn Ruffenach, Wall Street Journal

“A healthy 65-year-old couple can expect to pay, on average, $266,589 for insurance premiums and $128,365 for related expenses, according to HealthView Services.  …  ‘Excellent health, ironically, can actually raise an individual’s lifetime health spending needs because of the likelihood that healthy 65-year-olds will live much longer.’  …  Note: Neither report accounts for possible long-term-care expenses. For that piece of the puzzle, check out Genworth Financial GNW 2.27 % ’s 2016 “Cost of Care Survey.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Two key insights to share with prospects and clients:  (1) the healthier you
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Categories: Industry News and Long-Term Care.

“MACPAC: Medicaid spending for long-term care ‘disproportionate’,” by Emily Mongan, McKnight’s LTC News

“Medicaid is the largest payer of high-cost services like long-term care, MACPAC noted in its June 2016 Report to Congress. The program finances one-third of the country’s nursing facilities; and spent $169 billion on long-term supports and services in fiscal year 2012.  That amount added up to roughly 43% of Medicaid’s total expenditures for FY 2012, despite just 6.2% of Medicaid beneficiaries needing LTSS, the report found.  …  MACPAC’s Report to Congress also covers financing reforms and trends in Medicaid spending. Click here to read the full report.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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Categories: Industry News and Long-Term Care.

Kick It In Gear For Cash This Summer!

  Not Selling Custom Solution LTC Yet? Click Here to add this product to your appointments. And Join Us for complimentary product training! All applications for Promotion 1. and 2. must be written between 04/01/2016 and 06/30/2016. All applications for Promotion 3. must be written between 02/01/2016 and 12/31/2016. To qualify, coverage must ultimately be issued and accepted, with Annualized Premium per Applicant averaging no less than $1,000.  You must be an appointed agent with either American Independent Marketing or GoldenCare USA to participate.  Does not apply to captive agents/agencies, and certain MGA’s and GA’s. The 3-in-1 Promotion is considered
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Categories: GoldenCare News, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Rate Adjustments Effective September 1, 2016

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. In order to fulfill this commitment, we actively monitor emerging industry trends as well as our own experience so we can make the adjustments necessary that will allow 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 September 1, 2016: Block of Business Impacted States NHA, LTA, HCA, LT50, NH50 Alabama, Indiana, Kansas, Wisonsin, Iowa, Nevada, New
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Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

“One in five SNF residents experience abuse from other residents, study finds,” by Emily Mongan, McKnight’s LTC News

“Researchers tracked reports of resident-to-resident mistreatment over a one-month period at five urban and five suburban New York nursing homes through resident and staff interviews, observations and incident reports. Of the 2,011 residents included in the study, 407 — or more than 20% — said they had experienced at least one abusive event over the course of the month. The study was released Tuesday in Annals of Internal Medicine.  …  The findings indicate that traditional efforts to curb nursing home abuse may be disproportionately aimed at staff mistreatment instead of resident-on-resident events, researchers noted.” LTC Comment (from Stephen A. Moses,
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Categories: Industry News and Long-Term Care.

Update: CareDirections Simplicity® Rate Increase Action Implementation In AK, SC & TN

As you are aware, MedAmerica is currently in the process of raising rates on the CareDirections Simplicity® product line. This rate action does not affect Simplicity ii. This notice is to inform agents that they are implementing rate increase activity in Alaska, South Carolina and Tennessee, and are implementing the rate increase activity in these states. This is the only notification agents will receive regarding this rate action. MedAmerica will mail notification of the rate increase to affected insureds on June 16, 2016. Following the state required notification timeframe, the new premium amount will be effective as of the insured’s
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Categories: Long-Term Care and MedAmerica.

In-Force Rate Action: New Consumer Website to Help You & Your Clients

Genworth understands that premium increases on long term care insurance policies can be challenging to understand and explain. To help your clients through the process, we have developed a new consumer website to provide additional information on: •  Why long term care insurance premium increases are needed •  Policyholder options regarding premium and benefit •  The value of long term care insurance coverage, and •  Genworth’s commitment to our policyholders You can see this information by going to genworth.com/ltcpremiums We will also reference this website on the new policyholder premium increase notification letters starting with new premium increase implementations in
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Categories: Genworth and Long-Term Care.

Genworth Will Launch Element℠ a New Long Term Care Insurance Solution

At Genworth, we are working to help make long term care insurance more accessible through underwriting enhancements and more affordable solutions. On June 27, we will launch Element℠, a long term care insurance solution based on our flagship Privileged Choice® Flex 3 product. Element features four preset packages. There are just two decisions to make: determine which level of protection your clients want and for couples, the optional Shared Coverage benefit can be selected. Element packages offer more affordable coverage options by focusing on smaller yet meaningful coverage amounts with benefits that are optimized for home care. Each of the
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Categories: Genworth and Long-Term Care.

“Rowan Led Research Team Develops Highly Accurate Blood Test For Alzheimer’s Disease,” CBS Philly

“Early detection of Alzheimer’s Disease may be more possible than ever thanks to a group of researchers from Rowan University.  …  The group announced that they have developed a blood test that uses the immune system to find early stage Alzheimer’s in patients. The study included 236 subjects. In terms of identifying early Alzheimer’s in patients with mild cognitive impairment, or MCI, the overall accuracy rate was 100 percent, according to the researchers.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Thanks to Center premium member and actuary Vince Bodnar for tipping us to this article.
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Categories: Industry News and Long-Term Care.