Existing policyholders will not be affected.In an announcement released to agents and distributors today, MedAmerica president, Bill Naylon cited the continuing difficult economy and environment for LTC insurance.
Sales of all NEW policies - both long-term care and MedAmerica's "Transitions" short-term care products - will end February 15, 2016. The decision has no immediate impact on existing policyholders - myself included! It is our opinion at Comfort Long Term Care that it is NOT in the best interest of our clients to replace their LTC (or STC) coverage with MedAmerica at this time, if ever. MedAmerica remains well-capitalized with a full, binding commitment from its parent company - a billion-dollar upstate NY Blue Cross/Blue Shield - to back all of its liabilities. The news media is sure to make this sound like the entire LTC insurance industry is collapsing, but it is not. This is a continued natural progression of the consolidation that has been underway for several years. The same thing happened with individual disability insurance in the mid-1990s. There are now just 10 or so companies selling disability insurance, yet it remains profitable for those companies and vital for working-age clients. Please Contact Us with any questions, if you are approached about replacing your coverage, or if you would like to review your coverage through MedAmerica.
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Ageing does not have to mean infirmity. A short video from the World Health Organization with beautiful images and a strong message for all of us.1. Is the agent "Partnership" certified? 2. Does the agent sell "linked-benefit" LTC insurance? 3. Is the agent "captive"? 4. Does the agent represent or "broker" multiple companies? 5. Will the agent commit to a "free" (sales-free) initial consultation? Click below to READ MORE
UNUM announced its latest in-force premium increase on two of its LTC insurance blocks of business impacting policyholders in 21 states. (MO & IL have not yet approved this increase.)
Inflation option to avoid the increase:Like any LTC insurance policy, the premium can be reduced by reducing benefits, for example, changing from a "Lifetime" benefit period to 6-years, or from 6-years to 3 years; policyholders can also reduce the amount of coverage per month. UNUM is offering a special option with this increase:
ComfortLTC recommends most policyholders should elect the reduced, 3% inflation option.If your health is in decline and you may file a claim soon, you may want to consider accepting the full increase. You are not affected if:
There are state differences (a lower approved increase percentage, or increases spread out over three years). The states currently impacted are:
AK, AZ, CO, IA, KS, MI, NC, NJ, NV, NY, OH, OK, OR, SC, SD, TN, TX, UT, WI, WV, WY Call your agent; or contact us for a personalized policy review and recommendation. It's time to review your Medicare coverage. Medicare's "open enrollment" starts October 15th and runs through December 7th for coverage in 2016. Officially called the Annual Election Period (AEP), this is the only time (with only a few special exceptions) you can make changes to your Medicare coverage. Most people on Medicare will benefit from an annual Part D Prescription Drug Plan (PDP) review. Your prescriptions may have changed in the past year, and the way your current plan covers your drugs (the "formulary") may be changing for 2016. If you have a traditional Medicare Supplement (Medigap) policy with Original Medicare benefits be VERY CAREFUL about replacing it with a Medicare Advantage (Part C) plan. While a Medicare Advantage plan may offer very low monthly premiums, your coverage options - especially the choice of doctors and hospitals - will be very limited compared to Original Medicare with a full-coverage Medigap policy. During the AEP, you may:
REMEMBER: Medicare does NOT cover long-term care.
If you don't have LTC insurance, this is also an excellent time to consider all of your retirement health care plans.
Chicago Tribune financial columnist Terry Savage has some good basic information on LTC insurance and why to buy.
Click here for the link to go to the article: http://www.huffingtonpost.com/terry-savage/long-term-care-is-not-a-l_b_8050032.html The LTC insurance business was never for sale, and I see this as good news for policyholders as Genworth refocuses on its core business strengths. Even though the market knocked Genworth down after the announcement, remember that there is a difference between being a sharholder and a policyholder. Short-term changes like these in the stock price are often at the cost to shareholders, but are a benefit to policyholders. From an article today in the Richmond Times Dispatch: “Genworth Financial Inc. confirmed Wednesday that it reduced about 220 positions in the first six months of this year as the [Virginia-based] insurer looks to cut costs... And Genworth executives told analysts that the company is no longer looking at selling its life and annuity insurance businesses..." "Step into their world". It's a key premise of improv comedy, and it's how you can effectively communicate with people who have Alzheimer's or dementia. You can't say, "No", or question the premise. You say, "Yes, and ..." Actors Karen Stobbe and her husband Mondy stumbled on a skill they have that is incredibly useful in communicating with Karen's mother who has Alzheimer's – improv. The public radio program "This American Life" recently featured the Stobbes and their use of improv to improve their lives as caregivers. My favorite excerpt:
GIVE IT A LISTEN!
Watch how a dog brings man with Alzheimer's out of his shellThanks to Home Instead Senior Care for sharing this link in its latest newsletter. www.HomeInstead.com
Consumer advocate David Horowitz shares his LTC advice with millions of Costco customers in the March 2015 edition of The Costco Connection. You can read the complete article on-line by clicking this link:
http://www.costcoconnection.com/connection/201503/u1=issues#pg18 |
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