“1.4 Million Americans Will Go Abroad for Medicare Care This Year, Should You?,” by Beth Braverman, The Fiscal Times

“Health care has become so expensive in the United States that a growing number of Americans (and their employers) are finding it more cost efficient to fly across the globe for certain medical procedures. The savings are so great — and the quality high enough — that a handful of American insurance companies are now encouraging the practice and covering the travel and treatment costs.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): So, what does medical tourism have to do with long-term care?  Believe it or not, some lawyers recommend shipping your infirm elder to
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Categories: Industry News and Long-Term Care.

Rate Adjustments Effective November 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 November 1, 2016: Block of Business Impacted States NHA, LTA, HCA, LT50, NH50 Georgia LTC04G Illinois     For a
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Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

Good News! | Omaha’s Mobile Quote App Now Includes More Products

Mutual of Omaha’s new mobile app has been expanded to include more products!   Omaha’s long-term care insurance products are available for quoting. And just announced, the Cancer, Heart Attack and Stroke product has been added as well!   PRODUCTS CURRENTLY AVAILABLE: Cancer, Heart Attack and Stroke Children’s Whole Life Guaranteed ADvantage Guaranteed Universal Life Express Living Promise Long-Term Care Insurance Medicare Supplement Term Life Answers Term Life Express Click Here For Download Instructions Read Full Good News Announcement
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Categories: GoldenCare News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“Health Care Costs for Couples in Retirement Rise to an Estimated $260,000,” by Advisor Magazine

“A 65-year-old couple retiring in 2016 will need an estimated $260,000 to cover health care costs in retirement, according to Fidelity’s Retiree Health Care Cost Estimate. This is a six percent increase over last year’s estimate of $245,000 and the highest estimate since calculations began in 2002. The estimate applies to retirees with traditional Medicare insurance coverage and provides a general idea of the monthly expenses associated with Medicare premiums, Medicare co-payments and deductibles, and prescription drug out-of-pocket expenses.  …  This year, Fidelity also examined the costs associated with long-term care, which could impact seven in 10 Americans who reach
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Categories: Industry News and Long-Term Care.

“Mother is elderly; does she need long-term care insurance?,” by Dave Ramsey, Dodge City Daily Globe

“Dear Dave, I’m trying to help my elderly mom with her finances. She has no debt and more than $1 million in assets. There was also another $500,000 trust left for her by my dad. With access to all this, does she still need long-term health insurance? — Anonymous” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Click through for the answer.  He nailed this one, although I gather from the media buzz agents have a lot of problems with his other advice. Mother is elderly; does she need long-term care insurance? #goldencareagent
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Categories: Industry News and Long-Term Care.

“Alzheimer’s Care Puts Financial Strain On Family Members,” by Cara Rosner, Hartford Courant

“Medicaid, not Medicare, typically reimburses some of the cost of custodial care for those who can’t afford long-term care insurance, she said, and someone must ‘basically become a pauper to get on Medicaid. Is that how we want to treat people in this country?” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More mindless media on Medicaid.  Eligibility for Medicaid has nothing to do with the ability to afford LTCI.  People don’t buy LTCI when they’re young enough to afford it and qualify healthwise because for the last 50 years their elders have been able to
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Categories: Industry News and Long-Term Care.

“7 new, free LTC marketing graphics,” by Allison Bell, LifeHealthPRO

“The Federal Interagency Forum on Aging-Related Statistics, a body based at the Administration for Community Living at the U.S. Department of Health and Human Services, recently published a public-domain report of interest to any financial professional involved in retirement planning, including planning for post-retirement acute care and long-term care costs.  Earlier this month, the forum published “Older Americans 2016: Key Indicators of Well-Being,” a 179-page collection of aging statistics from 16 federal agencies. The report includes information on the size of the older population, aging-related behavior, and aging-related health risks and health care services.” LTC Comment (from Stephen A. Moses,
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Categories: Industry News and Long-Term Care.

In-Force Rate Action Announcement: Indiana (Partnership)

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 Indiana, and Genworth is now beginning to implement the second round of increases, as indicated in the chart within the announcement.
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Categories: Genworth and Long-Term Care.

In-Force Rate Action Announcement: Indiana (Partnership)

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. Indiana has now allowed our requested increase, and the details of the implementation of this premium change can be found within the announcement. This rate increase applies to non-AARP, Partnership policies only. Servicing agents will receive a list of their impacted
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Categories: Genworth and Long-Term Care.

“Feds may ban agents from selling Medicare long-term care plans,” by Allison Bell, LifeHealthPRO

“Federal regulators want to expand access to an unusual, Medicare-related program that can pay for enrollees’ long-term care costs — then prohibit insurance agents and other outside entities from marketing the organizations in the program.  Officials at the Centers for Medicare & Medicaid Services (CMS) put the proposed ban on agent involvement in a new set of draft regulations. The draft regulations would update the rules governing the Programs of All-Inclusive Care for the Elderly.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): PACE programs merge Medicare and Medicaid revenue streams to provide comprehensive long-term care.
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Categories: Industry News and Long-Term Care.