“The new Mullin draft could hurt life insurers’ annuity operations by making annuities less attractive as Medicaid “asset shielding” vehicles. But it could increase the typical size of the annuities couples use in Medicaid planning arrangements. The draft could also make private long-term care insurance policies, and life and annuity products that include long-term care benefits, more attractive, by reducing the likelihood that consumers would be able to use ordinary annuities in efforts to qualify for Medicaid nursing home benefits.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Well, it’s about time! Medicaid annuity abuse allows
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“ACA Medicaid funding rules stink, witness says,” by Allison Bell, LifeHealthPRO
“Current Medicaid formulas give states a perverse incentive to cut spending on benefits for children and poor adults with disabilities before they cut spending on benefits for higher-income, able-bodied adults. Josh Archambault, a Medicaid policy specialist at the Naples, Florida-based Foundation for Government Accountability, makes that argument in written testimony he prepared for a Medicaid hearing.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This is the same analyst and organization we’re working with on the Center’s forthcoming new report on Medicaid and long-term care financing. ACA Medicaid funding rules stink, witness says #goldencareagent
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“Obama administration’s report could help GOP justify Medicaid cuts,” by Virgil Dickson, Modern Healthcare
“In its final Medicaid spending report, the Obama administration conceded that Medicaid enrollment growth and spending could deplete other federal programs. … While this recent report doesn’t outline the biggest spending hikes in recent years, it does warn that increased spending could cause collateral damage. … The admission comes as GOP lawmakers and the nominee for HHS secretary look for ways to cut spending in the program. Two Capitol Hill hearings on the matter take place this week.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Ducks are lining up for big changes in Medicaid beneficial
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“Trying To Solve The Alzheimer’s Puzzle,” by Melissa Bailey, Kaiser Health News
“Despite a 99 percent failure rate and another major setback last month, Alzheimer’s researchers are plowing ahead with hundreds of experiments — and a boost in federal money — to try to a crack a deadly disease that has flummoxed them for decades. A law passed by Congress in December and signed by President Obama sets aside $3 billion over 10 years to fund research of brain diseases and precision medicine, a shot in the arm for Alzheimer’s research. The law, called the 21st Century Cures Act, also includes prize money to encourage Alzheimer’s experiments.” LTC Comment (from Stephen A.
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GoldenCare Newsletter | January 30, 2017
From GoldenCare: GoldenCare’s updated 2017 Individual Tax Guide is now available! Download your copy from the newsletter. Reminder! Partnership Certification and 4-Hour Refresher! For all LTCi agents who took their initial 8-Hour Partnership Certification prior to January 2015: Producer requirements for training continuation states. See newsletter for your state’s training requirements. Our Guest Article in this edition is “Consumer Facing Insurance Educational Platform, Agent Review Creates Clients’ Choice Award,” PRNewswire. From Mutual of Omaha: New Critical Advantage Portfolio to release February 1, 2017! Mutual of Omaha will be releasing a new Critical Illness, Cancer, Heart Attack and Stroke portfolio: Critical
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In-Force Rate Action Announcement: Minnesota AARP (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. 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. At the time, larger increases were justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the full amount in states that previously allowed our 2013 ask. Minnesota has
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Genworth and Long-Term Care.
In-Force Rate Action Announcement: Maryland (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. 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. Subsequent to that announcement, we received approval for, and implemented, a 12.8% premium increase in Maryland. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In
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Genworth and Long-Term Care.
“Consumer Facing Insurance Educational Platform, Agent Review Creates Clients’ Choice Award,” PRNewswire
“‘Agent Review is proud to add another level of creditability for its insurance agent subscribers, beyond Verified Agent status, by creating the Clients’ Choice award,’ states Jonas Roeser, Co-Founder and CEO. Agent Review brings the review model made popular by Yelp and Angie’s List to the insurance space.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Congratulations to Jonas and AgentReview co-founder Harley Gordon, longtime friends and supporters of the Center for Long-Term Care Reform. Consumer Facing Insurance Educational Platform, Agent Review Creates Clients’ Choice Award #goldencareagent
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“What Medicaid Block Grants Would Mean For Seniors,” by Howard Gleckman, Forbes
“The various GOP proposals floating around Capitol Hill would cap that federal contribution at a fixed dollar amount. As costs rise, the states would be on the hook for the extra expense. They’d have to either cut benefits, cover fewer people, or raise taxes to finance the extra costs. … To start, Medicaid LTSS benefits are already insufficient in most states. Payments to nursing homes are so low that many quality facilities are abandoning the long-term care business. And Medicaid home care benefits rarely provide enough assistance for seniors or younger people with disabilities.” LTC Comment (from Stephen A. Moses, President,
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“How baby boomers are changing senior living community design,” McKnight’s Senior Living
“As changing consumer preferences and payment models lead some developers and operators of nonprofit and for-profit senior living communities to reduce the number of skilled nursing beds in their offerings, they are looking for ways to repurpose and update space and build new communities to cater to a different type of resident. Baby boomer preferences are influencing their design decisions, according to three: living architecture.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): We’ve expected boomers to influence senior living designs for many years. But now it’s really happening. How baby boomers are changing senior living
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