“Caring for Aging Parents Costing Canadians $33B Annually,” Advisor Magazine

“Caring for aging parents already costs Canadians $33 billion a year in direct out-of-pocket expenses and time off work, a number that will only grow over time, finds a new report by CIBC Capital Markets. The report, Who Cares: The Economics of Caring For Aging Parents, co-authored by CIBC Deputy Chief Economist Benjamin Tal and Senior Economist Royce Mendes, estimates the direct and indirect costs associated with the elderly to mushroom by more than 20 per cent in real dollars over the next 10 years due solely to changing demographics.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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Categories: Industry News and Long-Term Care.

“Who Pays For Aging?,” by Swiss Re, Advisor Magazine

“There’s no doubt that our growing aging population could represent a major market opportunity for financial services. Of all the sources that help fund a longer life, insurance has only a single-digit share. If insurers want to increase their aging business, they will need to find new ways to provide relevant and attractive new paths to financial security for older people, rather than purely fight for market share among traditional competitors. The aging wallet analysis shows the starting point for insurers to win the hearts and minds of older consumers and their families, and become a larger part of the
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Categories: Industry News and Long-Term Care.

“Helping families navigate healthcare maze may offer competitive advantage, experts advise,” by Elizabeth Leis Newman, McKnight’s Senior Living

“As assisted living operators look to the future, one strategy may depend on helping families navigate the ability to pay for care for their loved ones, housing experts said Tuesday. Many senior living communities originally promised adult children the idea of ‘we’ll care for Mom,’ said National Investment Center for Seniors Housing & Care CEO Robert Kramer. Today, Kramer advised that communities’ plans have ‘got to go way beyond that. It’s like a concierge service but we’re coordinating it.'” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Part of that “concierge service” should be advising those
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Categories: Industry News and Long-Term Care.

GoldenCare Newsletter | May 8, 2017

In this GoldenCare Newsletter Edition From GoldenCare: Join us for brand new webinar topics including a brand new short-term Home Health Care product and special guest speakers. See our full list of hot topics. Partnership Reminder:  LTCi agents who took their initial 8 Hour Partnership Certification prior to May 2015, a 4 hour refresher course must be completed.  See the Newsletter for requirement details. Good News!  Our Spring 2017 GoldenCare Gazette is now available!  Get your copy in the Newsletter. From Mutual of Omaha: Omaha is currently experiencing a delay in the turnaround time for underwriting decisions.   More information is
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Categories: Genworth, GoldenCare News, Industry News, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).

Quick Tip: Quoting with MutualCare® Solutions Software

Scenario: You are running long-term care insurance quotes for a client using the Custom Solution plan with Mutual of Omaha. The MutualCare® Solutions software makes it easy… but you can’t quite get the quote to match a competitor’s. “Why does it show ‘3.1’ years? I want an even 3 years.” Quoting “apples to apples” – or as close as possible in today’s market – eliminates the need for an additional explanation, and makes the concept easier for your clients to understand. Did You Know: You can use the small down-arrow next to the Policy Limit field to select from numerous
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Categories: GoldenCare News, Long-Term Care, and Mutual of Omaha (& Affiliates).

EssentialLTC Product Approved In Delaware

National Guardian Life Insurance Company (NGL) is pleased to announce that an additional state has approved their new long-term care insurance plan, EssentialLTC! As of May 30th, 2017, EssentialLTC will become available for sales in the state of Delaware! This is also the newest state to have approved Partnership status. Watch for additional announcements as more states approve the new EssentialLTC product, and begin approving Partnership status. #goldencareagent #ngl
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Categories: Long-Term Care and National Guardian Life.

Inflation Protection on MutualCare® Custom Solution

When your clients have a number in mind that they can spend on an LTCi, inflation protection can help you get to that desired premium. With a variety of inflation duration and inflation percentage options, it’s easy to make adjustments to arrive at an acceptable premium amount. With MutualCare Custom Solution, you get: Inflation duration options that include lifetime, 20 years, 15 years and 10 years Inflation percentage options that range from one percent to five percent in increments of .25 percent A MutualCare Custom Solution policy gives your clients the flexibility to explore a variety of different inflation protection
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Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

“Humana Breakup, Penn Treaty Charge Hit Aetna Earnings,” by Allison Bell, ThinkAdvisor

“Aetna Inc. posted a big net loss Tuesday, partly due to the failure of a long-term care insurer. The Hartford, Connecticut-based insurer is reporting $381 million in net losses for the first quarter on $15.2 billion in revenue, compared with $737 million in net income on $15.7 billion in revenue for the first quarter of 2016. . . . Aetna also recorded a $231 million charge related to its share of cost of dealing with the insolvency of Penn Treaty American Corp.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Ramifications ripple through the health insurance
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Categories: Industry News and Long-Term Care.

Genworth Financial Announces First Quarter 2017 Results

05/02/17 Net Income Of $155 Million And Adjusted Operating Income Of $143 Million RICHMOND, Va., May 2, 2017 /PRNewswire/ — Stockholder Approval Of Acquisition By China Oceanwide Holdings Group Co., Ltd. (Oceanwide) March 7, 2017 With Approximately 96 Percent Of Votes Cast Voting In Favor Of The Merger All Regulatory Filings For The Oceanwide Acquisition Submitted Progress Made On U.S. Life Restructuring Plan With Several Internal Reinsurance Transactions Completed Effective April 1, 2017 Net Income1 And Adjusted Operating Income2 Includes An Unfavorable Item In Long Term Care Insurance (LTC) Relating To Guaranty Fund Assessments For The Penn Treaty Plan Of
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Categories: Genworth, Industry News, and Long-Term Care.

“Caregiver Shortage Reaches Critical Stage,” by Cassie M. Chew, Provider

“High employment is one reason LT/PAC [Long-Term/Post- Acute Care] centers across the country are having trouble finding people to fill frontline health care roles. After recovering from an economic recession marked by thousands of layoffs, it’s now a buyer’s market for job seekers, especially those with caregiving skills. . . . ‘When we talk about what we can do to enhance their compensation, there are only two answers-one is increasing the minimum wage, and one is provider reimbursement,’ Findley [president of Iowa CareGivers, an advocacy group for nurse assistant] says. ‘We need to ask the question: What are the possibilities?
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Categories: Industry News and Long-Term Care.