In-Force Rate Action Announcement: Oklahoma (Privileged Choice® and Classic Select®)

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. Oklahoma has now allowed the following increases: Oklahoma Product Series Increase Percentage Privileged Choice 10% Classic Select 10%     This rate increase applies to both AARP and Non-AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin February 6, 2018 and will continue throughout the
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Maine (Privileged Choice® and Classic Select®)

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. Maine has now allowed the following increase: Maine Product Series Increase Percentage Privileged Choice 11.5% Classic Select 11.5%     This rate increase applies to Non-AARP policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin February 6, 2018 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Delaware (Privileged Choice® and Classic Select®)

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. Delaware has now allowed the following increases: Delaware Non-AARP Product Series Increase Percentage Privileged Choice 25% Classic Select 25%     Delaware AARP Product Series Increase Percentage Privileged Choice 20% Classic Select 20%     Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin February 6, 2018
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Categories: Genworth, Industry News, and Long-Term Care.

2018 Partnership Minimum Benefit Requirements for Indiana

Each year Indiana revisits its minimum benefit requirements to qualify for its Partnership program. The Total Asset Protection for the Indiana Partnership program has increased from $353,773 in 2017 to $371,462 for 2018. The Benefit Increase Options and Daily or Monthly Minimum requirements remain unchanged as follows: Requirements 2017 2018 Minimum Total Coverage for Total Asset Protection $353,773 $371,462 Minimum Daily Benefit $115 $115 Minimum Monthly Benefit $3,500 $3,500 Benefit Increase Option age 74 and younger 5% Compound 5% Compound Benefit Increase Option age 75 and older 5% Simple 5% Simple   Indiana Partnership minimum requirements are based on effective
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Categories: Genworth, Industry News, and Long-Term Care.

LTCi Protecting Your Client’s Retirement Assets

When the need for long-term care services arises, having an insurance policy in place to help cover the cost of care may help ensure your client’s retirement assets can remain intact. This added measure of protection may also provide: Control Helps your client avoid the need to liquidate assets to pay for long-term care services, leaving their retirement assets intact for their intended purpose. Flexibility Helps allow your client to maintain the retirement lifestyle they planned while also receiving policy benefits to help pay for the care they need. A Legacy Helps ensure sufficient assets remain in their estate to
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Transamerica Long Term Care Update: NJ Pricing Revision

STATE OF NEW JERSEY PRICING REVISION FOR TRANSCARE® II AND TRANSCARE® III January 24, 2018 Transamerica Life Insurance Company remains committed to you and to the long term care insurance market. As such, it’s important that we modify our premium rates for new TransCare® II  and TransCare® III  business to reflect actual claims experience by policyholders. These rate changes will also maintain consistency in our pricing across our product portfolio which will allow Transamerica Life Insurance Company to remain highly competitive within the marketplace. These refreshed rates are exclusively for new sales of TransCare® II  and TransCare® III  in the
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Categories: Industry News and Long-Term Care.

A.M. Best Affirms Mutual of Omaha’s Financial Rating

A.M. Best performed their annual rating committee review on Mutual of Omaha and affirmed our financial strength rating of A+ (Superior) with a stable ratings outlook. The ratings reflect our balance sheet strength, which A.M. Best categorizes as very strong, as well as our strong operating performance, favorable business profile and appropriate enterprise risk management. Mutual of Omaha’s favorable business profile is anchored by its diversification of products, as well as distribution channels and our capitalization level is very strong and is considered favorable relative to our peers. Randy Mousel National Sales Director (952) 239-9865   A.M. Best Affirms Mutual
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

“Why The WSJ Is Wrong About Long-Term Care Planning”

“Why The WSJ Is Wrong About Long-Term Care Planning,” by Jamie Hopkins, Forbes “A recent Wall Street Journal article, “Millions Bought Insurance to Cover Retirement Health Costs. Now They Face an Awful Choice,” has been circulating on the internet but for all the wrong reasons. The WSJ piece essentially falls into the “bad news sells” category of reporting. While the article itself provides plenty of great statistics and touches on a very important topic, the article really misses the mark on two main points about long-term care insurance.  Its ‘Woe is me!’ theme actually pushes people away from doing quality
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Categories: Industry News and Long-Term Care.

“GE’s LTCI Block Might Be Different: Rating Agency”

“GE’s LTCI Block Might Be Different: Rating Agency,” by Allison Bell, ThinkAdvisor “The overall state of the U.S. long-term care insurance (LTCI) industry could be healthier than the blocks of LTCI business reinsured by General Electric Co.’s reinsurance units. Analysts at Moody’s Investors Service give that assessment in a new analysis of the big GE reserve shortfall. . . . GE’s blocks may look worse than typical blocks . . . because GE has assumed responsibility for the blocks from the insurers that originally wrote the coverage, and because GE has operated the reinsurance business as a runoff business, the analysts write.”
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Categories: Industry News and Long-Term Care.

“The true cost of obesity to SNFs”

 “The true cost of obesity to SNFs,” by Joy Stephenson-Laws, McKnight’s LTC News “It is now estimated that more than 40% of obese adults are between the ages of 65 and 74 and that almost 30% are over 75.  On average, more than 35% of adults over 60 are obese. At some point in their lives, many of these older obese adults will need rehabilitative, short-term or long-term care. It has been reported that at least a quarter of patients entering skilled nursing facilities are either moderately or severely obese. Given that obese adults are almost twice as likely to
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Categories: Industry News and Long-Term Care.