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Long Term Care Insurance News You Never Hear

Increasingly, we get calls from reporters who are doing more in-depth stories about long term care planning and the role of long-term care insurance. First, it is a great feeling to help them get the portray a correct story since their words, whether written or oral can influence so many prospects and potential buyers. Friday, a national editor who I have worked with before called the American Association for Long-Term Care Insurance’s offices. At this point, I won’t reveal the story being working on but in the ensuing research I did – two pieces of information emerged. They are examples of when long-term care insurers go beyond what is required. You may not be familiar with them. The first involves Genworth’s new policy being offered to AARP members. The policy offers a 60-day return policy. In simple terms, the consumer can return the policy within 60 days for a refund of monies paid. As most insurance agents know, the standard “free look” required by law is 30 days. Now, it bears stating that the State of Washington just passed a law mandating the 60-day provision. Who knows whether other states will follow. And, in speaking with a long-time Genworth producer, it was noted that in an effort to provide outstanding customer service the company has not held rigid to the 30-day cut off. But clearly there was someone who thought this was a customer-friendly provision … and agreed to make it available. The second story involves John Hancock. In recognition of the weak economy, the company allows (or allowed, I am not sure if the practice continues) policyholders who lose their jobs and fail to pay premiums for a certain period of time, to reinstate their policies without the typically-required health underwriting. What a recognition of going the extra mile to help the people who showed the good faith and sense to buy your product. Having worked with the media for most of my life, every reporter will tell you it is not their job to “shill” for a company. So don’t ever expect to read about these items in the news. But, in the current environment we are in — and with the news media focusing so much attention on negatives surrounding the insurance industry, it’s good to know there are insurers doing well because they do good. That’s a message the American Association for Long-Term Care Insurance is proud to help convey. If readers have others to share, feel free to send them to me. I’ll gladly pass them along. Mail to: jslome @ aaltci.org

Nursing Home Studies Reveal Benefit of Long Term Care Insurance

While less than a third of benefits from U.S. long-term care insurance companies pays for nursing home care, most Americans still associate policies with a costly nursing home stay according to the American Association for Long-Term Care Insurance . Two studies now look at the benefits of this increasingly popular protection. A report published in the organization’s annual Sourcebook revealed that nine percent of nursing home residents would have delayed going to a nursing home for necessary care in the absence of a nursing home policy. Some 13 percent reported they would have used a less costly provider in the absence of having long-term care insurance. A new report issued this week has found that non-profit nursing homes provide better care than for-profit facilities. According to Canadian researchers, a review of 82 studies conducted starting in 1965 reported that 40 studies found that non-profit nursing homes provided significantly better quality care, while three studies concluded that for-profit homes delivered better care. The remaining studies had mixed results. Most of the studies were conducted in Canada and the United States. Non-profit homes did better in four important quality measures: more or higher quality staffing; lower rates of pressure ulcers; less use of physical restraints; and fewer deficiencies cited by regulatory agencies. Based on their findings, the researchers calculated that if all nursing homes were non-profit, nursing home residents in the United States would receive 500,000 more hours of nursing care per day, while those in Canada would receive 42,000 more hours of nursing care per day. The findings of the second study which were published online in the British Medical Journal suggest a trend toward higher quality care in non-profit nursing homes than in for-profit homes, said the researchers. Last year American long-term care insurance companies paid some $8.5 billion in benefits to some 180,000 individuals. Some of the largest claims, typically for care in skilled nursing home facilities, exceed $1 million according to the industry organization. Long-term care insurance provides individuals with the ability to choose where care is provided, notes one industry expert. Choice and control are great benefits. Posted On E-Max health by Jesse Slome from the American Association for Long Term Care Insurance

Leaders From 18 Long Term Care Partnership States To Attend LTC Agent Summit

Executives from 18 states offering long term care Partnership pla ns will attend the National LTCi Producers Summit. The Summit takes place November 14-16, 2009 at the Westin Hotel in Kansas City and brings together hundreds of producers who market long-term care insurance products. This year’s Summit will combine two conferences – the producer sales and marketing conference organized by the American Association for Long-Term Care Insurance and the conference for state officials organized by the Center For Healthcare Strategies (CHCS). Over 18 states will be represented each sending three or four executives from the State Medicaid office, the Department of Insurance, the Agency on Aging and State Dept. of Commerce. Summit attendees will have the opportunity to attend special Partnership workshops in addition to the extensive Summit program. States Sending Executives Include Arkansas Colorado Georgia Idaho Illinois Maryland Michigan Minnesota Missouri New Jersey Ohio Oklahoma Oregon Pennsylvania Wisconsin South Dakota Texas Virginia Summit registration is $275 ($324 for non-Association members) through September 30th. Registration includes sessions, meals and receptions. Hotel discounts are currently available. Complete information and registration forms are available online at http://www.aaltci.org/2009summit or by calling the American Association for Long-Term Care Insurance at (818) 597-3227.

Study Reveals Federal Long-Term Care Insurance Plan Flaws

The proposed federal health plan being discussed by the U.S. Senate includes proposed long-term care protection. The Community Living Assistance Services and Supports Act (CLASS Act) would provide coverage paid by individuals who would have the ability to opt out.The goal of the American Association for Long-Term Care Insurance , the industry’s professional organization, is to serve as an advocate for sound long-term care planning that ensures the future of all Americans — those who can afford private long-term care insurance, and those who can not. That said, the proposed CLASS Act (Senator Kennedy’s new tax on Americans) is not the solution and a report released today by the American Academy of Actuaries reveals the plan’s significant flaws. The plan’s proponents believe a $65-per-month tax for individuals would be sufficient to provide a $50 average monthly benefit. The study reveals that the sound monthly premium level would be closer to $110 a month or over $1,300 a year per-individual. The CLASS Act proposes a voluntary federal program that is sustainable and actuarially sound over a 75-year horizon. Based on the current assumptions, the independent actuaries project the new government fund established to pay long-term care claims will be insolvent by 2027. Sometime well before that date, taxpayers can expect the voluntary plan to become a new mandatory tax. The report notes that part of the problem with the proposed plan is the increased likelihood of adverse selection. Simply stated, those individuals in poorer health will sign-up for the plan and those who are in better health will likely opt-out. Once claim payments begin after the five-year waiting period, one can expect an increasingly steady flow that will stretch the fund beyond what proponents expect. The American Association for Long-Term Care Insurance is the independent trade organization providing information on long-term care planning to consumers and providing marketing and sales support to information. The organization maintains the industry’s most comprehensive website on long-term care planning which can be found at http://www.aaltci.org/ If you would like to receive a PDF copy of the American Academy of Actuaries letter to the U.S. Senate Committee on Health, Education, Labor and Pensions, please click here to send an E-mail to Jesse Slome, Executive Director.

Five Questions to Ask Before Hiring a Home Care Provider

When it comes to needing long-term care, the majority of Americans today receive care in their own home. “People mistakenly associate long-term care with nursing home care,” explains Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance . “Today most long-term care takes place outside of a skilled care facility and the vast majority of long-term care insurance claims are not nursing home related.”According to studies conducted by the industry trade group, some 42 percent of long-term care insurance benefits paid are for care at home (AALTCI’s 2009 Long-Term Care Insurance Sourcebook). “Another 28 percent was for care in assisted living communities and only 30 percent was for care in skilled nursing facilities,” Slome notes.” Home care services cover a wide range of needs, from memory care and companionship to meal preparation and medication reminders,” says Jennifer Tucker, Vice President with Homewatch CareGivers , a national provider of homecare services. “They may also include help with the activities of daily living, including home care services like bathing, dressing, and grooming or care coordination services rendered by a registered nurse.” When selecting a home care agency, it is important to know what questions to ask. Here are five important questions that consumers should ask of a prospective service provider: How long has the agency been providing private duty home care? Is a written, customized care plan developed in consultation with the client and family members, and is the plan updated as changes occur? How are emergencies handled after normal business hours? Do they closely supervise the quality of care, including maintenance of a daily journal in the client’s home and non-scheduled supervisory visits? Does the agency employ a nurse, social worker, or other qualified professional to make regular visits to the client’s home? “A great way to find quality home care providers is to speak to a knowledgeable long-term care insurance professional,” states Jesse Slome. “If they’ve been in the business for a few years, they likely have clients who are receiving care.” For additional information on home care for long-term care needs or to find local long-term care insurance professionals, visit the online Consumer Information Center from the American Association for Long-Term Care Insurance and request information from any of the organization’s 3,500 members nationwide.

Federal Long-Term Care Insurance Plan Is Short-Term Thinking

The new long-term care insurance proposal that Democrats have included in a Senate health overhaul bill would produce about $58 billion in revenue for the government over the next 10 years, according to the Congressional Budget Office (CBO). The $58 billion could be used to offset the cost of the national healthcare program. “Legislators must be salivating at a potential source of income with absolutely no potential for expenses for years to come,” explains Jesse Slome, executive director, of the American Association for Long-Term Care Insurance , the industry professional trade organization. Monthly premiums paid by individuals would account for the $58 billion. Premiums would vary by age but are expected to average about $65 per month ($780 a year). Under the proposed program, no one would be eligible for benefits until they have paid premiums for five years – a reason the CBO estimates the program would net revenue for the government for its first 10 years.” The CBO generally does not estimate the cost of programs beyond 10 years, the period covered by procedural “pay-as-you-go” rules requiring legislation to be budget-neutral. “When has a government entitlement program accurately estimated income and projected expenses,” Slome queries. “The CBO already estimates that premiums will be insufficient and will likely need to be increased to maintain the program’s solvency. The government already runs a disability insurance program through the Social Security Administration, but it is very difficult to qualify for that program and there is a backlog of people who have appealed Social Security’s initial decline of their benefits.” According to the Association some 8.25 million Americans have already purchased long-term care insurance on an individual basis or through their employer. “Some 400,000 new policies are now sold each year,” as more people understand the need to plan for the risk of needing care. Millions of others will be able to use the built-up value of their homes through a reverse mortgage. “Another underfunded entitlement program where the real cost won’t be known for 10 or more years simply shifts the financial obligation to the next generation,” Slome says. “That’s long-term care planning of the worst kind.”

New Consumer Guide Addresses Women’s Long-Term Care Planning Issues

A new consumer guide to long-term care insurance protection has just been published by the American Association for Long-Term Care Insurance . The eight-page booklet specifically addresses the issues and options facing women. “Women have a far greater risk of needing long-term care and indeed two-thirds of all long-term care insurance benefits paid in 2008 result from care needs by women,” explains Jesse Slome, executive director of the national trade organization. “Women also tend to be the ones who initiate the long-term care planning discussion and often are the decision makers when it comes to purchasing long-term care insurance.” Several facts outlined in the “Woman’s Guide To Long-Term Care Insurance Protection” authored by Jesse Slome: Women over the age of 65 comprise 980,000 nursing home residents in the U.S. Only 337,000 men over age 65 are in nursing homes. Women are far more likely to suffer from Alzheimer’s Disease which is the cause of the largest and most costly needs for long-term care. The guide addresses important planning considerations for women who have spouses or partners as well as women who live alone. “Each have very specific planning needs and issues,” Slome explains. “Married women face a likelihood of providing care for their spouse, who typically is older, or facing a very significant annual bill for care.” Women who live alone lack the spouse or extended family members to assist with caregiving. Copies of the guide can be viewed on the American Association for Long-Term Care Insurance ’s website and may be purchased by insurance and financial professionals. To view a copy go to: http:www.aaltci.org/tools or call the organization at 818-597-3227.

Long-Term Care Insurance Association Study Looks At Buyers of Life Insurance Plus LTC Benefits

Los Angeles, CA – June 23, 2009 — Nearly half of individuals purchasing asset-based long-term care protection in 2008 were under age 65 according to the first national study of buyers. Two thirds (66%) of purchasers were women and the average single premium paid was just under $71,000 ($70,975). Research conducted by the American Association for Long-Term Care Insurance (AALTCI), the national trade organization, examined 2008 sales data for over 5,000 new policies. “Asset-based long-term care insurance protection is becoming an increasingly popular way for individuals to protect against the risk,” explains Jesse Slome, AALTCI’s Executive Director. Asset-based long-term care policies offer the dual benefit of access to long-term care benefits as well as life insurance protection. “Many individuals find this coverage attractive because if they don’t use their long-term care protection, their beneficiaries still benefit from the life insurance coverage,” Slome explains. The average single premium paid for an asset-based LTC policy in 2008 was $70,975, according to the Association study. This represented a four percent increase compared to 2007 when the average premium was $68,300. Just under half of policies (49.7%) had a base face amount of between $100,000 and $200,000. Some 30 percent had a face amount of life insurance protection of between $50,000 and $100,000. “Policies offer a long-term care insurance protection in multiples of the life insurance benefit,” Slome explains. Purchasers of asset-based LTC policies were almost equally divided between pre-65 (49%) and 65-or-older (51%). Just over 10 percent (11.2%) of purchasers were between ages 45 and 54. Exactly two-thirds of purchasers were women (66%). “Buyers are older than individuals purchasing traditional long-term care insurance protection,” Slome notes. According to the Association’s study, some 84 percent of buyers of traditional LTCi protection in 2008 were younger than age-65. Asset-based long-term care protection and traditional LTC insurance policies share the requirement that applicants health qualify for coverage. The percentage of accepted applicants declined with age according to the study’s findings. Some 70.2 percent of submitted policy applications by individuals between 45 and 54 were accepted. The percentage declined to 60.5 percent for applicants between ages 65 and 74. “We anticipate the market for asset-based long-term care protection will increase in the years ahead,” predicts Slome. “Leading insurers such as Genworth Financial and Lincoln Financial Distributors are focused on the growth of this market and policy sales.” The American Association for Long-Term Care Insurance is the national organization serving insurance and financial professionals who provide long-term care financing solutions. Consumers can obtain information from the organization’s Consumer Information Center , the nation’s leading resource for LTC insurance information. Insurance agents and financial professionals can visit the organization’s online Producer’s Resource Center at www.aaltci.org .

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