Long-Term Care Insurance

Massachusetts examines rules for LTC insurance

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Massachusetts regulators are close to increasing oversight of long-term care insurance after several years of debate. Massachusetts regulators are close to increasing oversight of long-term care insurance after several years of debate.

Also in the News for Wednesday, May 13

States look at protection for long-term care insurance buyers ... Right-to-die trial underway in Minnesota ... Unionized nursing home workers push legislators on Medicaid reimbursements

Also in the News for Thursday, March 26

Insurance companies struggle with long-term care ... Missouri's Medicaid program lost out on $27M, audit says ... B. Smith testifies on Alzheimer's at Senate hearing ... NLRB playing catch-up due to Supreme Court decision

Long-term care insurance: Time to yell 'Run!' yet?

Long-term care insurance: Time to yell 'Run!' yet?

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There is a memorable scene in the movie "Forrest Gump" when Lt. Dan chews out the well-intentioned title soldier for saluting him while the enemy is likely watching. The implication is that if you want to strike a crushing blow to something, you take out its leader.

Many Americans don't understand long-term care

Many Americans don't understand long-term care

Many Americans remain in denial and are therefore disinclined to pluck the truth from the myths about long-term care, much to the detriment of their own finances as they turn to homecare providers for custodial services on a self-insured basis, if they can afford it. Those who need full-time skilled nursing care end up paying a median of $81,030 per year, according to the Genworth 2012 Cost of Care Survey.

Many families will spend modestly for dementia care, a minority face financial ruin, expert tells senators

Many families will spend modestly for dementia care, a minority face financial ruin, expert tells senators

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Devastating out-of-pocket costs for long-term dementia care are likely to hit a relatively small proportion of families in the coming years, but many families will experience minor costs, an expert told a Senate committee Wednesday.

Senators weigh need for individual mandate in long-term care financing reform

Senators weigh need for individual mandate in long-term care financing reform

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Senators and a panel of experts wrangled over whether effective long-term care reform hinges on a federal mandate for all individuals to buy some type of LTC insurance, at a Special Committee on Aging hearing on Thursday.

Long-term care insurance's uphill battle

Long-term care insurance's uphill battle

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What the long-term care insurance market could use right now is a healthy dose of capitalism. It ain't gonna happen.

Major insurers say they will hike premiums on long-term care policies

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Long-term care insurance policyholders should expect rate hikes, two of the most prominent vendors in the market have announced.

When it comes to paying for long-term care, public and private options can both fail

When it comes to paying for long-term care, public and private options can both fail

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What happened last week in Washington was not exactly highlight reel material. That is, unless you want to showcase public sector dysfunction.

Poll: Many believe that long-term care financing is mostly private pay

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Many Americans mistakenly believe that long-term care in the United States is primarily paid for out-of-pocket, according to the latest poll to show how deeply people misunderstand this aspect of the healthcare system.

Lack of information prevents long-term care planning even for those with high incomes, SCAN report finds

Lack of information prevents long-term care planning even for those with high incomes, SCAN report finds

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Americans who are earning high incomes often do not plan sufficiently for their long-term care needs, according to a new report from the SCAN Foundation and Langer Research Associates.

Insurance, the elderly and what to do next

Insurance, the elderly and what to do next

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No sane person can criticize someone who admits being confused about how medical insurance should be funded, especially for seniors. Last week, a pair of innocently juxtaposed stories highlighted the struggle extremely well.

'Scary' front-page story gave scant attention to benefits of long-term care insurance, industry group says

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Long-term care insurance has benefited policyholders more than a recent Wall Street Journal front-page story indicates, according to the nation's largest LTC insurance trade group.

Supreme Court's DOMA ruling expands long-term care insurance options in California

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Some same-sex couples in the nation's most populous state will have expanded access to long-term care, following two historic U.S. Supreme Court decisions announced Wednesday.

The bridge is here for your personal aging planning — cross it

The bridge is here for your personal aging planning — cross it

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A new poll* finds that two-thirds of people 40 years old and older have done little or no preparing for the challenging and expensive reality of aging. I think most people seem to have the mentality, "I'll cross that bridge when I come to it." Kids, if you're at least 40 years old, the bridge is here.

House bill would tighten Medicaid eligibility for long-term care

House bill would tighten Medicaid eligibility for long-term care

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A new House bill would reduce the amount of home equity that is exempted when determining Medicaid eligibility for long-term care. The "Medicaid Program Integrity Act of 2013" would give states the option of setting the home equity exemption as low as $50,000.

Broken long-term care financing system must be fixed within 5 years, SCAN says

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The country's long-term care financing system for consumers must be revamped within five years to meet the needs of aging baby boomers, according to The SCAN Foundation. In eight reports released Wednesday, the organization laid out policy recommendations for taking pressure off government programs while increasing the availability and affordability of long-term care financing for consumers.

More states are implementing consumer protections for long-term care insurance policies

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States are increasingly are implementing regulations designed to help resolve consumer tussles with long-term care insurance companies, according to news reports.

Long-term care insurance industry is in trouble, analyst report says

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Long-term care insurance policies may not be long for this world, according to a new Wall Street analyst report.

More trouble for LTC insurance?

Low interest rates and policyholders' unwillingness to drop coverage are two of the key reasons the long-term care insurance market is in trouble, an expert recently asserted.

Low interest rates spell trouble for LTC insurance

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Low interest rates and policyholders' unwillingness to drop coverage are two of the key reasons the long-term care insurance market is in trouble, an expert asserts.

Genworth discontinues some LTC insurance options

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Genworth Financial announced that it is taking several of its long-term care insurance options off the table.

Why the likely demise of LTC insurance isn't all bad

Why the likely demise of LTC insurance isn't all bad

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Two decades ago, private long-term care insurance was seen as a can't-miss option for funding future nursing home costs. But like many of the people who purchased policies back then, the product now finds itself in pretty bad shape.

Tough future seen for private long-term care insurance

Could private long-term care insurance policies stop being sold? That's a distinct possibility, according to an article that recently ran in Investment News. The author notes that many of the companies that once offered the product no longer do so. In the past three years alone, Unum Group, Guardian, MetLife and Allianz have left the business. One challenge is that many companies did not know how much they would have to pay out once the policies were needed. Add in the low fixed-income returns insurance companies are making on the premiums, and the challenge becomes clear. According to some experts, insurers will have to revise coverage and increase premiums if they are to stay in this sector.

Experts tout private and public long-term care funding reforms in Senate hearing

Experts tout private and public long-term care funding reforms in Senate hearing

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As the trajectory of long-term care costs rises, experts on funding gave varying approaches on how to achieve savings at a Senate hearing.

Prudential to discontinue individual long-term care insurance policies

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Insurance stalwart Prudential Financial announced Wednesday that it is exiting the long-term care insurance business.

House repeals CLASS Act

House repeals CLASS Act

The House of Representatives repealed the CLASS Act on Wednesday night, although its future is far from clear. Many observers expect Republican efforts to repeal CLASS will die in the Senate, where there is likely not enough support to push through the Fiscal Responsibility and Retirement Security Act.

House committee passes bill repealing CLASS Act

As expected, the House Ways and Means Committee passed a bill on Wednesday repealing the CLASS Act.

Americans over 50 are concerned about long-term care costs, study finds

Nearly 60% of Americans over the age of 50 are worried about the costs of long-term care, while only 16% feel prepared financially, according to a recent study supported by the insurance industry.