Next Steps After Application

You just completed a long-term care application. Before you head out the door, make sure your clients know what happens next. Your client’s application will be reviewed by our LTCi underwriting team to determine if they meet eligibility requirements. In addition, they will be asked to participate in a personal health interview. The personal health interview is usually conducted by a registered nurse. Simple questions will be asked such as current health, medications, daily activities, living arrangements and use of medical devices. The interview can be conducted either face-to-face or over the telephone. To learn more about the personal health
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

(Legacy) Rate Adjustments Effective January 1, 2018 – IL

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 January 1, 2018: Block of Business Impacted States NHA, LTA, HCA, LT50 & NH50 Illinois     For a complete
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Long Term Care Update: Connecticut Rate Change

October 17, 2017 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 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 in the state of Connecticut and will become effective 7 a.m. CT October 31, 2017.   Transition Deadlines To receive
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Categories: Industry News, Long-Term Care, and Transamerica.

“Potentially Preventable Medicare Spending High in Frail Elderly”

“Potentially Preventable Medicare Spending High in Frail Elderly,” by Diana Phillips, Medscape “In an analysis of Medicare beneficiaries in the top 10% of individual spending in 2012, adults aged 65 years or older with two or more conditions, which is considered to indicate frailty, accounted for nearly 44% of spending deemed potentially preventable despite making up only 4% of the population sample, researchers found. Jose F. Figueroa, MD, MPH, from the Department of Health Policy and Management at the Harvard T. H. Chan School of Public Health, Brigham and Women’s Hospital and Harvard Medical School, Boston, Massachusetts, and colleagues report
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Categories: Industry News and Long-Term Care.

“11 more states working on wage increases for direct care workforce”

“11 more states working on wage increases for direct care workforce,” by Emily Mongan, McKnight’s LTC News “The Kaiser Family Foundation’s 50-state Medicaid budget survey for fiscal years 2017 and 2018, released Thursday, listed shortages and turnover among the long-term services and supports workforce as an issue to watch in coming years. The report cited low wages, meager benefits, limited opportunities for advancement, insufficient training and high injury rates as reasons why workers may be leaving or avoiding the sector.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This problem is endemic to a long-term care
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Categories: Industry News and Long-Term Care.

“LTCA to Washington: Most Agree on These LTC Financing Reforms”

“LTCA to Washington: Most Agree on These LTC Financing Reforms,” by Stephen D. Forman, PR/Web “Long Term Care Associates, Inc. (‘LTCA’), accompanied by representatives from the nation’s leading long-term care insurance carriers, traveled to Washington, DC this October to deliver a report addressing our country’s pressing LTC financing crisis. In the report, LTCA finds common ground among competing solutions, and advocates for those which will appeal to a broad cross-section of Americans.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Congratulations to Center-corporate-member LTCA for taking a proactive stance toward the real problem facing long-term care
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Categories: Industry News and Long-Term Care.

In-Force Rate Action Announcement: Ohio (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. Ohio has now allowed the following increase: Ohio Product Series Increase Percentage Privileged Choice 15% Classic Select 15%     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 prior to the start of policyholder notifications. Agent notifications begin October 17, 2017. Policyholder notifications will begin December 4, 2017 and
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Categories: Genworth, Industry News, and Long-Term Care.

“The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed”

“The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed,” Government Accountability Office (GAO) “The U.S. retirement system, and the workers and retirees it was designed to help, face major challenges. Traditional pensions have become much less common, and individuals are increasingly responsible for planning and managing their own retirement savings accounts, such as 401(k) plans. Yet research shows that many households are ill-equipped for this task and have little or no retirement savings. In this special report, GAO examines these challenges, drawing from prior work and others’ research, as well as insights from a panel of retirement experts on how
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Categories: Industry News and Long-Term Care.

“MIT: Assisted Living Innovation and Design to Flourish as U.S. Ages”

“MIT: Assisted Living Innovation and Design to Flourish as U.S. Ages,” by Tim Regan, Senior Housing News “As the number of seniors who need senior living services grows, assisted living providers will likely move away from operating smaller, stand-alone locations and instead choose to operate larger, more complex and cost-effective buildings, according to Albert Saiz, director of the MIT Center for Real Estate. . . . One possible trend the researchers identified is the rise of suburban ‘civic centers,’ which are clusters of public spaces, schools, retail, multifamily units and mixed-use buildings where the young and old co-exist.” LTC Comment (from Stephen A. Moses, President,
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Categories: Industry News and Long-Term Care.

“Elderly Americans Plagued By Fraud, Survey Finds”

 “Elderly Americans Plagued By Fraud, Survey Finds,” Advisor Magazine “As millions of Americans retire over the next decade, financial crimes and abuse against the elderly are occurring at an alarming rate, according to the results of a survey released today by the Cooperative Credit Union Association (CCUA), a trade group representing not-for-profit credit unions. . . . Sixty-seven percent of those identifying themselves as a caretaker reported an elder being targeted with fraud; more than a quarter of elders, at 28%, had also fallen victim to at least one financial scam.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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Categories: Industry News and Long-Term Care.