New Policy Delivery Requirements, Policy Effective Dates and Payment Authorization Form

On October 3, 2016, we will be making updates to policy delivery requirements, policy effective dates and payment authorization form. New Policy Delivery Requirements: The changes to our policy delivery process are more in-line with the industry standard. After applicants are approved for coverage a delivery package will be generated and sent via Express Mail to the BGA or Producer. Your clients need to sign the documents and return them to Genworth. This package includes the policy, forms to be signed and a return envelope. Those forms are:         • Policy Delivery Acknowledgement or Policy Delivery Receipt (all states)         • Part
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Categories: Genworth and Long-Term Care.

In-Force Rate Action Announcement: South Dakota

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. In September 2013, we announced our intention to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequent to that announcement, we received approval for, and implemented, a 12.8% premium increase in South Dakota. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount.
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Categories: Genworth and Long-Term Care.

“5 insider tips for finding affordable long-term care insurance,” by Barbara Marquand, USA Today

“Years from now many Baby Boomers will need help with the daily stuff of life, like dressing, bathing, eating or remembering to take medication. Regular health insurance, including Medicare, doesn’t pay for help with these ‘custodial care’ tasks, except in limited circumstances. Long-term care insurance does. Yet faced with the coverage costs, many long-term care insurance shoppers get sticker shock and give up. Here’s how to keep the price affordable.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This article in the third-highest-circulation US newspaper (after Wall Street Journal and New York Times) quotes Brian Gordon
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Categories: Industry News and Long-Term Care.

“Adult children dread discussing senior living with aging parents: poll,” by Lois A. Bowers, McKnight’s Senior Living

“Thirty-five percent of survey participants identified assisted/long-term care as the most difficult topic to talk about with their parents. That compares with conversations about dying and legal preparations, 23%; financial planning/stability, 15%; using technology, 13%; diet and exercise, 8%; and transportation/loss of car, 6%. The survey also found that loss of memory/dementia is by far the biggest aging-related worry for the poll-takers.  …  To read more about the report, see Collaboration key to tech fixes for aging issues: report.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The most difficult conversations are also the most important
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Categories: Industry News and Long-Term Care.

“Regulators post LTCI reserve-testing draft,” by Allison Bell, LifeHealthPRO

“A team of regulators has posted a draft document that could eventually change how states decide whether an insurance company has enough assets backing its long-term care insurance policies.  The Long-Term Care Actuarial Working Group, part of the Kansas City, Missouri-based National Association of Insurance Commissioners, has posted the draft, Actuarial Guideline LTC, on its section of the NAIC website.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): What we really need is a methodology to decide how many assets the U.S. government has backing its debt and promises.  Who do you think is doing better:
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Categories: Industry News and Long-Term Care.

Good News! | Summer 2016 GoldenCare Gazette

Our Summer 2016 GoldenCare Gazette Is Now Available! Are You Getting Your GoldenCare Advantages? Whether you’re a brand new agent, an existing agent looking for a new product or sales idea, or a seasoned pro – GoldenCare has something that can help you grow your business and increase your income. So what makes us different? This Gazette will highlight some of the tools, programs and services we offer, which put us among the top MGAs chosen by agents. Details on our 3-in-1 Promotion are also included. But don’t forget: The Third Quarter for this Promotion ends 9/30/2016! You should be
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, John Hancock, Life Insurance, Life Secure, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

“Study: Elderly’s Family Caregivers Need Help Too,” by Rachel Bluth, Kaiser Health News

“Elderly Americans’ well-being is at risk unless the U.S. does much more to help millions of family caregivers who sacrifice their own health, finances and personal lives to look out for loved ones, reported a study released Tuesday.  …  A possible fix for that problem, proposed by researchers in 2009, is to provide caregivers with a Social Security credit for a defined level of deemed wages during a specified time period, the report said.  …  The report recommends that family caregivers receive status as a protected class under existing job discrimination laws and that employers get guidance and training on
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Categories: Industry News and Long-Term Care.

“Medicaid Is a Ticking Time Bomb,” by Daniel J. Mitchell, Foundation for Economic Education (FEE)

“[T]he fastest-growing entitlement program is Medicaid, which was originally supposed to be a very small program to subsidize health care for poor people but has now metastasized into a budget-gobbling fiscal disaster. Arguably, it’s the entitlement program most in need of reform.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This excellent article on Medicaid does not focus on the services for which the program pays.  Therefore, keep this in mind as you read it:  ¾ of Medicaid recipients are poor women and children but they consume only 1/3 of Medicaid expenditures.  Only ¼ of recipients
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Categories: Industry News and Long-Term Care.

Idaho and Maryland Approve Lower Inflation Rates for Partnership Qualification for MutualCare® Solutions

Lower inflation rates now qualify for Partnership status in Idaho and Maryland for MutualCare® Solutions (LTC13) product. This change will be implemented on September 16, 2016. LTC13 policies issued in Idaho on or after August 2, 2016, will determine Partnership qualification based on these new guidelines. LTC13 policies issued in Maryland on or after August 9, 2016, will determine Partnership qualification based on these new guidelines. Software Information The Winflex and MutualCare® Solutions software can be downloaded from SPA. • Available September 16th in the following states for MutualCare® Solutions software: ID & MD • Available October 1st in the
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Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

“7 new peeks at how long-term care insurance is working,” by Allison Bell, LifeHealthPRO

“For a look at more of what the 2015-2016 long-term care insurance claimants said about how their coverage really works, read on.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More details on findings from the LifePlans/AHIP study we forwarded yesterday. 7 new peeks at how long-term care insurance is working #goldencareagent >   Related: Nearly 90% of Consumers Satisfied with Their Long-Term Care Coverage
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Categories: Industry News and Long-Term Care.