“Residing in a senior living community can be less expensive than aging in place in a traditional home when all costs are considered, according to a new analysis. . . . For an older adult living in a $500,000 condominium . . . aging in place there can cost almost twice as much as residing in independent living and 36% more than living in an assisted living community.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): It should come as no surprise that aging in place in one’s own home without the economy of scale of
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State Replacement Regulations Reminder For All Insurance Products
Please remember that all states have regulations governing replacement and/or churning activity. Replacement regulations require additional paperwork to be provided to the applicant/annuitant and submitted with the application. Failure to comply with regulatory requirements will result in processing delays for you and your client(s). In addition, the Genworth companies (Genworth) have adopted and published a Replacement Policy that details the company’s position on replacement activity. To read the policy in its entirety, click the link below: State Replacement Regulations Reminder For All Insurance Products #goldencareagent #genworth
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Genworth, Industry News, and Long-Term Care.
“Retirement Planning When There’s an Age Gap,” by Christine Benz, Morningstar
“The risks . . . are compounded for two spouses with a big age gap because the healthy spouse could need living expenses for many more years after the financial assets have been exhausted following long-term care costs. That makes long-term care insurance an even more valuable part of the financial plan than is the case for similar-age couples.’” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Wise counsel producers might bring to the attention of age-disparate prospect couples Retirement Planning When There’s an Age Gap #goldencareagent
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“Don’t Let Long-Term Care Costs Devastate Your Retirement,” by Jared M. Elson, Kiplinger
“Can you afford $8,000 per month for care? Chances are, you’ll need it at some point. Some solutions to that pricey problem include long-term care insurance, ‘living benefits’ and annuities.’” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More positive coverage from Kiplinger Don’t Let Long-Term Care Costs Devastate Your Retirement #goldencareagent
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NGL Rate Calculator Announcement
If you have downloaded the NGL rate calculator to your iPhone or Android device and have updates scheduled to be applied automatically, there may be an error during use this week. If you do get an error, there is an easy fix! Please manually download the new rates if this happens and the issues should be fixed. (log-in required) #goldencareagent #ngl
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New Agent NGL Correspondence Portal
NGL is excited to introduce the NEW agent NGL Correspondence Portal on MyNGLIC.com Beginning May 1, 2017, you will have access to the new NGL Correspondence Portal on MyNGLIC.com. The NGL Correspondence Portal will supply you access to your policyholder carbon copy correspondence instead of receiving mailed paper documents. Notifications of your correspondence will be set to the style and frequency of “Email Daily/Fax None.” At any time, you are able to conveniently update your notification style (Email/Fax) and frequency (Daily, Weekly, Monthly) in your MyNGLIC.com profile settings. An NGL Correspondence Portal guide has been created to help explain the
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“Business is booming for Long Term Care Partners,” by Kimberley Haas, New Hampshire Union Leader
“A Portsmouth company that fills a unique niche in the insurance market is confident its services will be in demand for years to come. Long Term Care Partners on Arboretum Drive is a third-party administrator of insurance services for federal employees. Under a seven-year contract regulated by the U.S. Office of Personnel Management, LTC is responsible for the Federal Long Term Care Insurance Program, which has about 275,000 enrollees and an eligible population of 4.4 million-plus federal employees, annuitants and qualified family members. . . . Chief Executive Officer Paul Forte said Friday that working with the federal government to
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“Long-Term Care insurance facing major pricing shift,” by Michelle Singletary, Washington Post
“Rather than keeping premiums steady for several years and then having to impose huge double-digit rate hikes, Genworth, one of the largest providers of long-term care insurance, wants to be have the ability to change premiums annually, reports Forbes contributor Howard Gleckman.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The Washington Post regurgitates the Forbes column we reported in an April 6 LTC Clipping: “We May Be About To See A Big Change In How Long-Term Care Insurance Is Priced.” Kudos to Genworth for a creative approach to the premium increase problem that even this
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“Short-Term Care Insurance: An Alternative to the Long-Term Care Variety,” ElderLawAnswers
“A little-known insurance option can be an answer for some people who might need care but are unable to buy long-term care insurance. Short-term care insurance provides coverage for nursing home or home care for one year or less. As long-term care premiums rise, short-term care insurance is gaining in popularity. This type of insurance is generally cheaper than its long-term care counterpart because it covers less time. Purchasers can choose the length of coverage they want, up to one year. According to the American Association for Long-Term Care Insurance a typical premium for a 65-year-old is $105 a month.”
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“Medicare Recipients Experience Multiple Care Transitions at End of Life,” Psychiatry Advisor
“More than one-third of Medicare beneficiaries who died in 2011 had at least 4 care transitions during their last 6 months of life, according to a study published online in the Journal of the American Geriatrics Society. . . . There was substantial geographic variation in the average number of transitions in the last 6 months of life, ranging from 1.8 in Alaska to 3.1 in New Jersey. For decedents approaching death, transitions became more intensive. Four or more transitions were more likely in women, blacks, individuals younger than 85 years, and individuals without dementia.” LTC Comment (from Stephen A.
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