Coming Soon – Genworth 2016 Cost of Care

Reliable data. Customized plans. Confident clients. Your clients need the latest long term care (LTC) cost data to help build personalized plans. The Genworth 2016 Cost of Care will be available on Tuesday, May 10th. It’s the industry’s most comprehensive look at more than 43,000 long term care providers across 440 cities and regions. This year’s digital release provides you with tools that can help you confidently explain current and potential future LTC costs to your clients, from homemaker services, to adult day health care, to private nursing home rooms. Clients will see what care could cost them now and
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Categories: Genworth, Industry News, and Long-Term Care.

Update: Simplicity ii Rate Increase Action In Kentucky

As you are aware, MedAmerica is currently in the process of raising rates on the Simplicity ii product line. This rate action does not affect CareDirections Simplicity®. This notice is to inform agents that they have received rate approval from Kentucky, and are implementing the rate increase activity in that state. This is the only notification agents will receive regarding this rate action. MedAmerica will mail notification of the rate increase to affected insureds on May 6, 2016. The new premium amount will be effective as of the insured’s next billing date, following the state required notification timeframe. Click Here
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Categories: Long-Term Care and MedAmerica.

Update: CareDirections Simplicity® Rate Increase Action Implementation In North Dakota

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 have received approval from North Dakota, and are implementing the rate increase activity in that state. This is the only notification agents will receive regarding this rate action. MedAmerica will mail notification of the rate increase to affected insureds on May 6, 2016. Following the state required notification timeframe, the new premium amount will be effective as of the insured’s next billing date. For the
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Categories: Long-Term Care and MedAmerica.

“SNF occupancy rates and revenues fall as discharges rise, CDC says,” by Emily Mongan, McKnight’s LTC News

“The Centers for Disease Control and Prevention’s Health, United States report for 2015, which was released on Wednesday, found the number of nursing facilities dropped from 16,389 in 1995 to 15,643 in 2014.  The number of licensed beds also fell, from 1.75 million in 1995 to 1.69 million in 2014.  The number of residents decreased from 1.48 million to 1.37 million in that same time frame.  Occupancy rates for the country’s nursing homes also took a hit across the last decade, dropping from 84.5% to 80.8%, the report found.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care
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Categories: Industry News and Long-Term Care.

“More Customers Keeping Long-Term Care Policies,” by Mara Lee, Hartford Courant

“The proportion of consumers who continue to pay their long-term care insurance premiums grew from 2008 to 2011 compared to 2002 to 2004, according to a LIMRA study released Wednesday.  During the more recent period, 3.6 percent of people let their policies lapse, compared to about 5.1 percent of people in the early 2000s.  The study examined 19 million customers across 20 companies.  About 64 percent had bought their policies as individuals, and the rest had group coverage.  People are most likely to drop the policy during the first year, when lapse rates are over 10 percent. By the sixth
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Categories: Industry News and Long-Term Care.

“Upscale Planning: Leveraging Social Security benefits with life insurance,” by Russell E. Towers, Advisor Magazine

“Your clients can simply place their unneeded after-tax Social Security into low yielding money market accounts, bank CDs, bond mutual funds, or U.S. government securities. And the low historical yields on these fixed assets are taxable as well. Or they can allocate their after-tax Social Security benefits into an annual premium for a no-lapse UL or SUL policy where the death benefit for their heirs is income tax free and the Internal Rate of Return (IRR) at life expectancy is substantially greater than current fixed financial asset yields. A Long Term Care rider on the life insurance policy can offer
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Categories: Industry News, Life Insurance, and Long-Term Care.

Update: CareDirections Simplicity® Rate Increase Action Implementation In MI & SD

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 have received approval from Michigan & South Dakota, and are implementing the rate increase activity in those 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 April 29, 2016. Following the state required notification timeframe, the new premium amount will be effective as of the insured’s next billing date.
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Categories: Long-Term Care and MedAmerica.

Update: Simplicity ii Rate Increase Action In Maine & West Virginia

As you are aware, MedAmerica is currently in the process of raising rates on the Simplicity ii product line. This rate action does not affect CareDirections Simplicity®. This notice is to inform agents that they have received rate approval from Maine & West Virginia, 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 April 29, 2016. The new premium amount will be effective as of the insured’s next billing date, following the state required notification
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Categories: Long-Term Care and MedAmerica.

In-Force Rate Action Announcement: Maryland

In August 2012, we announced our intention to seek premium rate increases on certain blocks of comprehensive long term care insurance policies, including Pre-PCS, PCS 1, PCS II, and Choice 1. During the course of 2012-2014, we implemented rate increases on these blocks of business. In some states, the full requested increase was not received. Genworth began submitting requests in these states during the second half of 2014. Approvals had been received in a number of these states, including Maryland. And Genworth is now beginning to implement the third round of increases, as indicated in the chart within the announcement.
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Categories: Genworth and Long-Term Care.

“Medicaid Managed Care Rule Changes To Impact Long Term Care,” by Blair Jackson, Provider

“Skilled nursing care centers rely heavily on Medicaid to pay for the services they provide to most of their patients – approximately 65 percent to 70 percent of nursing center residents are covered by Medicaid. ‘Currently, the rates paid by states for Medicaid-covered services do not adequately reimburse the actual costs incurred by providers, resulting in a major disconnect between payment levels and the needs of the patients,’ says Narda Ipakchi, director of managed markets for the American Health Care Association/National Center for Assisted Living (AHCA/NCAL). ‘Already in Medicaid fee-for-service, provider rates are inadequate. Under managed care, plans often seek
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Categories: Industry News and Long-Term Care.