“Meet Your Friends Who Get Medicaid” by Phil Galewitz, NPR “When older middle-class Americans deplete their savings to pay for costly nursing home care, Medicaid offers coverage. The United States has become a Medicaid nation. Although it started as a plan to cover only the poor, Medicaid now touches tens of millions of Americans who live above the poverty line.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): If the first sentence were true, more people would plan for long-term care and stay off Medicaid. Because it’s false, we’re in the mess we’re in. Meet Your
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GoldenCare Newsletter | September 25, 2017
In this GoldenCare Newsletter Edition From GoldenCare: See our full list of hot training topics and register for an event today! We have two Guest Articles in this edition is “How to cope with health care costs in retirement,” by Steve Vernon, CBS MoneyWatch and “Census Bureau: Most seniors still own homes,” by Lois A. Bowers, McKnight’s Senior Living. Enjoy! Industry Updates: We have several announcements in this edition: From Mutual of Omaha: We have a Quick Tip on quoting with MutualCare Solutions software. Flexible payment form update – all application packets have not been updated, except for New York for
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Genworth 2017 Annual Cost of Care Survey:
Costs Continue to Rise Across All Care Settings 09/26/17 Two-thirds of Americans assume government will partially or fully pay for long term care services RICHMOND, Va., Sept. 26, 2017 /PRNewswire/ — For the 70 percent of people older than 65 who the experts say will need long term care at some point in their lives1, the costs just notched up again. According to the Genworth 2017 Cost of Care Survey released today, the annual median cost of long term care services increased an average of 4.5 percent from 2016 to 2017, the second-highest year-over-year increase for nursing homes and home
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Genworth, Industry News, and Long-Term Care.
December 15, 2017: Deadline for Long Term Care New Business Requirements
As the year comes to a close, to optimize your 2017 placed production, please keep in mind the year-end cutoff for new business is December 15, 2017. Genworth’s final commission cycle will be on December 22, 2017 for all Long Term Care Insurance. Requirements for Final Commission Payment All delivery requirements must be received by December 15, 2017 Applications must be “In Good Order,” which is defined as but not limited to: All application and suitability questions answered All signatures and dates completed All requested information provided All regulatory forms completed accurately and received by Genworth All initial and additional
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Genworth, Industry News, and Long-Term Care.
Genworth’s 2017 Commission Year-End Pay Schedule
The last commission payment processing cycles for 2017 are: Fixed life and fixed annuities – Friday, December 22nd, 2017 Long term care insurance – Friday, December 22nd, 2017 Variable life and variable annuities – Friday, December 22nd, 2017 Final commission payments will also include earned commissions that have not previously met the $50 minimum check amount. For this final payment only, the minimum amount is $.01. Genworth is closed for the holidays on Friday, December 22nd, Monday, December 25th, and Monday, January 1st. Commission payments will be distributed as follows: Daily EFT and DTCC(NSCC) Fixed life/fixed annuities – Tuesday, December
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Genworth and Long-Term Care.
Commissions: 1099-MISC 2017 Tax Information
Important information about 1099-MISC (miscellaneous income) tax forms: A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2017. This includes all product lines. Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. Access your 1099-MISC statement faster by going paperless before December 31, 2017! 1099-MISC statements will be available electronically to all Producers currently receiving 1099-MISC statements and those who are registered users of Genworth.com/Pro. By
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Genworth and Long-Term Care.
LTCi Underwriting Update for October 2017
In an effort to increase customer satisfaction with a Long-Term Care policy issued by Mutual of Omaha and align ourselves with other Mutual of Omaha Underwriting Departments, we plan to implement a new process effective October 1, 2017. Effective October 1, 2017, when a case has been approved, other than applied (except for a better rate), underwriting will reach out to the producer via email and inquire whether the producer will be able to place the policy with the rate and benefit changes (if any) proposed by underwriting. Underwriting will hold the policy for 14 calendar days for the producer
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United Security: E-Apps Released in Additional States
Great news! We have released our e-apps in additional states. The e-apps are offered only with our LifeStyle Solutions and LifeStyle Solutions Select insurance plans and are now available in the following states: Arizona Colorado Georgia Illinois Indiana Louisiana Oklahoma Pennsylvania Texas Stay tuned, as we continue to roll-out our e-apps in more states soon. Questions? Please contact United Security’s Marketing Team at 800-872-3044. #goldencareagent #unitedsecurity > Related: United Security Assurance: New Electronic Applications
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“Census Bureau: Most seniors still own homes”
“Census Bureau: Most seniors still own homes,” by Lois A. Bowers, McKnight’s Senior Living “More than three-fourths (77.9%) of Americans aged 65 or more years live in owner-occupied housing, according to new data released Thursday by the U.S. Census Bureau. . . . The median home value was $192,400.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): It’s a good thing senior home ownership stays strong. They’ll need that equity when the bottom falls out of Medicaid LTC funding. Census Bureau: Most seniors still own homes #goldencareagent
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“Experts, lawmakers ponder impact of 8 residents’ deaths on SNF sector; facility loses Medicaid funding”
“Experts, lawmakers ponder impact of 8 residents’ deaths on SNF sector; facility loses Medicaid funding,” by Emily Mongan, McKnight’s LTC News “The Florida nursing home where eight residents died in the wake of Hurricane Irma has now been cut from the Medicaid program, as questions continue to swirl about the incident’s effect on emergency preparedness and the skilled nursing sector overall.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Here’s a plan: pay a nursing home less than the cost of care for most of its residents. Then take away even that funding when something goes
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