70 percent of people over age 65 will require some long-term care services at some point in their lives. Medicare and private health insurance programs do not pay for the majority of long-term care services that most people need. Personal care such as dressing or using the bathroom independently is not provided. Planning is essential for you to be able to get the care you might need.

Long Term Care Insurance: News, Advice, Information, Reviews
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State, National Nursing Home Caregivers: Medicare Funding Cut to Long Term … Reuters State, National Nursing Home Caregivers: Medicare Funding Cut to Long Term Care Will Jeopardize Vital Staffing Positions, Compromise Care for Maine …

… Fund Drug Five-Star Quality Rating System Flu H1N1 Healthcare Reform Home- And Community-Based Care Long-Term Care Medicaid Medicare Medication Nursing Home Quality Seniors. Sponsored Links. MCKNIGHT’S LONG TERM CARE NEWS SITEMAP …

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Long Term Care : Long Term Care Insurance: News, Advice, Information, Reviews

The Federal Long Term Care Insurance Program office has estimated long-term health care costs for self-employed business owners in Colorado. During 2008, the average cost of care for an elderly family member averaged about $20 an hour …

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Long Term Care : News, Advice, Information, Reviews

I am still learning much about the Internet. I recently created a LinkedIn group for long-term care insurance producers and others. There have already been some interesting discussions between the members and I’d encourage you to consider joining.

Once on my LinkedIn page, you want to click on the the group Long-Term Care Insurance Producers. (Look on the lefthand side at the top). You do NOT want the one USA – AALTCI (someone smartly created that group … not me … and thus I can not monitor or make sure it serves what I believe is the intent).

Anyway … there are currently about 101 participants … and some good stuff.
Jesse Slome
American Association for Long-Term Care Insurance

Below is one of the questions and responses that I believe will be of interest.

Question from Kathleen Smith

After the latest news on Penn Treaty, I revisited the AALTCI 2009 Sourcebook article on State Guaranty Associations. I know that LTCi is protected up to $100,000. But, what does that mean to policy holders not on claim? If they have a 5 year/$250,000 policy benefit does their premium remain the same with it being paid to the State? If so, is their premium adjusted to reflect a $100,000 policy benefit rather than a $250,000 benefit pool compounding annually? …

The response which I obtained from Sean McKenna at the National Association which comprises all the State Guaranty Associations.

The new NAIC Guaranty Association Model Act recommends $300,000 for LTC coverage. A number of states either have passed the new model limit or have it under consideration now. In answer to your second question, no, the premiums do not decline.

Long Term Care : News, Advice, Information, Reviews

Many long-term care insurance agents have clients who they placed with Penn Treaty and others have asked to be kept aprised. I thought the following would be of interest and value.
Jesse Slome
American Association for Long-Term Care Insurance

Summarized from a Bloomberg Report: Penn Treaty Network American Insurance Co., facing the biggest insurer failure in at least five years, may need more than $1 billion in additional funds to pay claims, a state regulator said.

Penn Treaty “is far more insolvent than originally believed,” Pennsylvania Insurance Commissioner Joel Ario’s office said in an Oct. 2 request for liquidation. Penn Treaty American Corp., the Allentown, Pennsylvania-based parent of the insurer, included the document in a regulatory filing yesterday.

Sellers of long-term care coverage, including Penn Treaty, suffered after underestimating expenses, while the broader life insurance industry has reported losses on declines in stocks and bonds. Penn Treaty, with about 120,000 customers, was hurt by investment losses in the recession and “seriously under- reserved” for claims in previous years, the regulator said.

“It’s potentially a big deficit mostly that will come from guarantee funds,”a spokeswoman for Ario’s office, said in an interview. Policyholders pay Penn Treaty about $249 million in annual premium for coverage, and the regulator ruled out using rate increases to bridge the potential $1.3 billion gap between assets and future claims. That deficit will be left to state guaranty funds, which are funded by solvent insurers.

Penn Treaty is among at least eight carriers in the U.S. facing forced rehabilitation or liquidation by regulators this year, according to data collected by the National Organization of Life & Health Insurance Guaranty Associations. That compares with four in 2008.

Ario, who seized Penn Treaty in January, didn’t find an insurer to purchase or assume any of its policies. According to Nolhga, Penn Treaty has about $1 billion in assets. Cash from premiums will be sufficient to pay claims for several years, Placey of the Pennsylvania regulator said.

“There’s enough money to pay claims going forward and get the guaranty associations ready for the transition,” Placey said. Guaranty funds are used to pay claims when regulated insurers are unable to meet obligations. Penn Treaty policies will remain active for customers who continue to pay premiums. A state court will weigh Ario’s request to liquidate the company, his office said in statement last week.

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Long Term Care : News, Advice, Information, Reviews

Americans will soon have more tax-advantaged options for long term care insurance protection according to the American Association for Long Term Care Insurance.

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Long Term Care : News, Advice, Information, Reviews

October 2, 2009. The Pennsylvania Insurance Department today filed petitions that seek orders of liquidation for Penn Treaty Network America Insurance Company and its subsidiary, American Network Insurance Company. The petitions are subject to the approval of Commonwealth Court.

“We have been on-site analyzing the organizations’ assets, liabilities, reserves and surpluses since we began our rehabilitation action in January,” Insurance Commissioner Joel Ario said. “Our comprehensive, independent evaluation has determined that the companies do not have the ability to pay future claims without significant rate increases that would have to be requested and approved in all 50 states. In the current circumstances, those rate increases simply would not be fair to policyholders.

“We have instead petitioned for an orderly liquidation of all company assets in which policyholders’ claim payments are our number one priority. Additionally, active long-term care policies will not be canceled, except by the policyholder, so they will be transitioned to the states’ guaranty funds once an order takes effect. Guaranty funds have the right to assess other insurance companies to cover policyholder claims up to coverage limits that vary by state.”
Penn Treaty Network America, headquartered in Allentown, and its subsidiary, American Network, provide long-term care insurance to more than 120,000 policyholders.

Together, the companies offered long-term care insurance in all 50 states and the District of Columbia. Policyholders and other interested parties will receive further information about the liquidation when the court enters an order. In the interim, long term care insurance policyholders with questions on claims or non-claim matters may email their questions.

Long Term Care : News, Advice, Information, Reviews

When it comes to knowledge about long-term care insurance planning, Americans once again received a failing grade.

Long-term care poses the single largest risk to Americans living on retirement savings and income according to the American Association for Long-Term Care Insurance, the industry trade group. Yet, few consumers have the facts correct when it comes to understanding available planning options.

As the U.S. population ages, the percentage of people older than 65 will increase from about 13% in 2009 to 20% in 2040. Part of the projected increase is due to an increased life expectancy beyond age 65. After retirement health insurance and Medicare provide very little long-term care benefit, if any, according to financial planning professionals.

The results of a just-released national study of individuals between 40 and 70, most reported knowing what long-term care is and how much it costs. But their scores fall short when it comes to knowing what percentage of people will need long-term care and how they will pay for it. According to the study conducted by the MetLife Mature Market Institute, just about four in ten adults (36%) know that 60-to-70 percent of 65-year-olds will require long-term care services at some point in their lives. Just over one-third knew that most long-term care services are received at home.

While the number of respondents answering correctly (37%) increased since the 2004 survey (18%), awareness is low overall.Few participants in the survey reported that they are taking action to protect themselves from such potentially catastrophic expenses; only 18% know long-term care insurance rates are based on age, but almost nine in ten (87%) are aware that a comprehensive long-term care policy covers home, assisted living and nursing home care.

The survey also reported that eight in ten respondents (85%) understand that long-term care could have many causes, such as Alzheimer’s disease, an accident or a chronic or disabling condition. More than four in ten (43%) are able to correctly identify the national average monthly cost for assisted living.

For more information on long-term care insurance, visit the Association’s Consumer Information Center where you can read the organization’s free guide on reducing the cost of long-term care insurance. Click here to read the guide.

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Long Term Care : News, Advice, Information, Reviews

Long term care insurance and long term care insurance quote at longtermcareinsurance-guide.com is your source for expert information about long term care insurance by those who are in the field.

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