“The typical 80-year-old woman in the United States may have enough financial resources, including home equity, to pay for about 20 months of nursing home care, or 35 months of home health care. An 80-year-old woman in the top quarter in terms of income and wealth may be able to pay 58 months of nursing home care and about 103 months of home health care. Jason Brown, an economist at the U.S. Treasury Department, included those figures in a major new report on the economic security of older women in the United States.” LTC Comment (from Stephen A. Moses, President,
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“7 key ways the long-term care insurance market has changed,” by Allison Bell, LifeHealthPRO
“America’s Health Insurance Plans, the insurers’ Washington-based trade group, commissioned a major consumer study by Waltham, Massachusetts-based LifePlans Inc., to look for ways to get back in the LTCI game.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): More on the LifePlans’ report we highlighted in last Friday’s “LTC Bullet: Who Buys LTCI and Who Doesn’t?,” January 13, 2017. 7 key ways the long-term care insurance market has changed #goldencareagent
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“Don’t Underestimate the Value of Long-Term Care Insurance,” by Alicia Caramencio, AHIP
“Many people underestimate their likelihood of needing need long-term care (LTC) and how much that care will cost. People have a 50 percent chance of needing LTC at some point in life, and about 30 percent of people who do may need care for five years or more, according to a new study by LifePlans, Inc. on behalf of America’s Health Insurance Plans (AHIP). … Read the full report to understand the long-term care (LTC) insurance marketplace from the consumer’s point of view.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Actually, this is the latest
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GoldenCare Newsletter | January 9, 2017
In this Edition From GoldenCare: Help us improve your training experience by taking our quick survey on training topics you’d like to hear! It’s Promo Time! Double-Point January on GoldenCare Rewards for MutualCare Solutions and CareShield. That’s 800 points per approved applicant! See Newsletter for promo details. Our Guest Article is “A Little Optimism on the Future of Retirement,” by Ramesh Ponnuru, Bloomberg. Enjoy! Mutual of Omaha has been reaffirmed by A.M. Best with an A+ rating. Also, please see the Newsletter for exciting new changes to Customer Access to allow additional payment processing. Also in this newsletter, refresh your
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In-Force Rate Action Announcement: AARP (Privileged Choice® and Classic Select®)
Delaware, Iowa, South Carolina, Washington D.C. 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, a larger increase was 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
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Genworth and Long-Term Care.
“Boomers and their parents come face to face with need for support, care,” by Jerre Redecker, The Olympian
“As baby boomers enter or approach their own retirement, their parents need more support for their physical and cognitive needs. They are the first generation to live long enough to need widespread, yearslong care, and many haven’t planned for it, said David Robinson, a geriatric care manager in Thurston County. ‘It’s the rare person who decides they want to get ahead of change,’ Robinson said. But making a change before it’s a crisis is the goal, he said.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Sound advice but public policy in Washington State aims mostly
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“Regulator calls for a long-term care planning shift,” by Allison Bell, LifeHealthPRO
“The head of the Long Term Care Innovation Subgroup says creating a savings mentality has to be part of improving the U.S. long-term care planning system. Teresa Miller, the Pennsylvania insurance commissioner, talked about an effort to shift the country to a long-term care savings mentality in a document prepared for a subgroup meeting held in December.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Worth a look, but the “document” overlooks the reason an LTC “savings mentality” is missing in the first place: Medicaid desensitizes the public to LTC risk and cost by paying for
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“Dementia more common in people who live near highways,” by Lois A. Bowers, McKnight’s Senior Living
“People who live near major state or interstate highways have a greater risk of developing dementia than those who live farther away, according to a study of 6.6 million people published Jan. 4 by The Lancet. … The researchers also looked into whether traffic exposure was related to the development of Parkinson’s disease or multiple sclerosis but found no link.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): A new field underwriting standard? Dementia more common in people who live near highways #goldencareagent
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“2017 health, disability and LTCI planner,” by Allison Bell, LifeHealthPRO
“The following 2017 planner was prepared to give you an idea of what’s coming up in Congress, federal agencies, public company reporting, health insurance regulation, data releases, and trade and professional groups that might affect agents, advisors and their clients.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This is a useful planner to check so you don’t accidentally book yourself away on vacation during an important professional conference … as I did once. 2017 health, disability and LTCI planner #goldencareagent
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Insurance Producer/Agent Signature Required on Florida Application Part II Medical History Overflow Form
Florida requires the signature of the licensed and appointed insurance producer/agent, along with the Florida license number, on the Application Part II Medical History and Overflow Form. The Application Part II and Overflow Form will be sent with the policy package for signatures. The Licensed and Appointed Insurance Producer/Agent must sign both copies of the Application Part II (including any overflow pages, if applicable) and include the Florida License Number prior to delivering the policy to the insured. Once the insured review, signs, and dates both copies, all pages of one copy, located in the Delivery Requirements section of the
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Genworth and Long-Term Care.
