Agent Alert: Signed-at-State Practice for NY & MA

This message is meant to clarify LifeSecure’s position on our “signed-at-state”‘ practice related to residents of New York and Massachusetts for our Long Term Care, Personal Accident and Hospital Recovery insurance products. As a reminder, LifeSecure Insurance Company cannot accept applications from residents of the states of New York or Massachusetts, regardless of where the application is completed and signed, unless the applicant maintains a secondary residence in another state. If a resident of New York or Massachusetts maintains a secondary residence in another state, he or she may submit an application if: LifeSecure has a product available in the
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Categories: Life Secure and Long-Term Care.

“The High Cost of Ultralow Interest Rates,” by Paul H. Kupiec, Wall Street Journal

“Extended periods of ultralow rates also make it more difficult for families to build precautionary reserves—for example, life insurance and long-term care insurance become prohibitively expensive.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): We make this point about the impact of artificially imposed low interest rates frequently, but it is not made often enough in the national media. Reminder: The Wall Street Journal is gated. The High Cost of Ultralow Interest Rates #goldencareagent
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Categories: Industry News, Life Insurance, and Long-Term Care.

“Aging-in-Place Wildly Popular, Home Health Aides Less So,” by Tim Mullaney, Home Health Care News

“The vast majority of Americans would prefer to receive senior care in a home setting, but that doesn’t mean they see professional home health aides as the ideal caregivers.  When asked where they would prefer to receive ongoing care should they need it, 77% of people said their own home, according to survey findings released Friday by The Associated Press and independent research organization NORC at the University of Chicago.  A senior community was the runner-up preference, but was chosen by only 11% of respondents.  …  Yet, of the many people who said they would prefer to receive at-home care,
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Categories: Industry News and Long-Term Care.

Promises Kept: Why Mutual of Omaha Is Your Choice For LTC

Over $792 Million in Benefits Paid to LTCi Policyholders We promised to pay our first LTCi claim back in 1987. Since then, we’ve paid over $792 million in benefits to LTCi policyholders. In 2014 alone, Mutual of Omaha paid $80 million in LTCi claims. That’s an average of $6.7 million per month. Our claims paying ability reflects our continually strong financial position. At year-end 2014, Mutual of Omaha had $1.683 billion in assets backing LTCi reserves and a total of $26.2 billion in invested assets. Our status as a mutual company allows us to take a conservative approach to investment
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“More than one-third of Americans think Medicare will cover their LTC needs,” by Emily Mongan, McKnight’s LTC News

“Only 2 out of 10 older adults anticipate using Medicaid to finance their long-term care needs even though Medicaid ranks as the largest public payer of long-term care services, the report’s authors noted, citing data from the Kaiser Commission on Medicaid and the Uninsured.  …  The majority of seniors surveyed are in support of policies to help people prepare for their long-term care costs, although favor has dipped slightly over the past two years, the report found. Tax breaks to encourage saving for long-term care and for purchasing long-term care insurance ranked as the most favored policies, followed by employer-sponsored
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Categories: Industry News and Long-Term Care.

“Americans continue to believe government will pay for ADL assistance, long-term care,” by Lois A. Bowers, McKnight’s Senior Living

“Newly released research adds to the growing evidence that Americans are unprepared to pay for assistance with activities of daily living and other care in retirement and also are unaware that government programs such as Medicare and Social Security typically do not cover long-term care.  Results of an LTC trends poll funded by The SCAN Foundation and conducted by the Associated Press-NORC Center for Public Affairs Research also show that about half of Americans support government-administered LTC insurance programs, whereas other policies to help Americans prepare for care costs — such as tax breaks for caregivers, Social Security earnings credit
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Categories: Industry News and Long-Term Care.

GoldenCare Newsletter, May 23, 2016

In this Newsletter Edition John Hancock Compliance update for CA, FL and MT Industry News: We have several announcements from Mutual of Omaha including rate adjustments, Priority Income Protection Electronic Application Training Video, Cost of Waiting key points, client brochure and prospecting postcard.     Be sure to catch GTL’s Short Term Care Video! Important announcements from MedAmerica, Transamerica, LifeSecure, Genworth.    Get the latest Med Supp news and more! Enjoy our Guest Article, “The Retirement Cost That 80% of Americans Aren’t Ready For” by Beth Braverman of the Fiscal Times. Don’t forget to join us for one of our new webinars
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, John Hancock, Long-Term Care, MedAmerica, and Mutual of Omaha (& Affiliates).

Update: Simplicity ii Rate Increase Action In Minnesota

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 Minnesota and are implementing the rate increase activity in this 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 27, 2016. The new premium amount will be effective as of the insured’s next billing date, following the state required notification timeframe. Click below
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Categories: Long-Term Care and MedAmerica.

In-Force Rate Action Producer Communication Update

We’ve enhanced our communication approach to producers for upcoming rate actions and want to preview those changes with you. Producers: Starting in June, if we have your email address on file, you will begin receiving rate action notifications through email.  This email will replace the hardcopy letters that are currently mailed.  The rate action notifications will include a link to Genworth.com/Pro (Pro) where you can find the lists of your impacted clients. As before, your client lists will be available on Pro in pdf format.  In addition, we will provide client lists in excel format, allowing you to more effectively
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Categories: Genworth and Long-Term Care.

More Underwriting Refinements Make New Business Process Easier

Genworth continues to refine our underwriting processes to make doing business with us easier for you and your clients. On May 23, the HIV form will no longer be an automatic requirement. Our claims experience shows so little activity for HIV patients, that the incidence of HIV does not warrant this testing for the large majority of our applicants. We will only ask for HIV forms and testing on an as-needed basis which will be determined during the underwriting process. Between January and April, we enhanced underwriting with the expansion of allowable impairments, introduced a Counter Offer Program, reduced automatic
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Categories: Genworth and Long-Term Care.